A few months ago we started noticing a strange pattern of stores closing on the corner of 85th and 2nd. Normaly stores losing their leases would probably just mean that they couldn't afford the rising property value. But in this case, they were closing right next to eachother on both 85th st and 2nd ave. Siegel's deli closed. Sotto Cinque moved. A dry cleaners moved. BUT, the tenant at the corner, Panorama Cafe, stayed put.
Now we know why. The L-Shaped property around Panorama is being sold.
This ±6,300 square feet L-shaped parcel is poised for a ±105,000 square feet
future residential development.
.. Residential F.A.R.: 10.0(up to 12 FAR with inclusionary housing) Commercial F.A.R.: 2.0
http://www.easternconsolidated.com/listingdetail.php?listing_id=427 (see the listing for a map)Offers were due Feb 7, 2007 but the listing page is still up.