Is the end nigh for neighborhood staple Eagle Provisions?
A recent post from Commercial Observer reports that 626-630 Fifth Avenue, a 17,000-square-foot retail and residential building located at the corner of 18th Street, is officially on the market for $9 million, and according to brokerage firm Marcus & Millichap, Eagle owners are willing to move out if the sale occurs.
“It’s an opportunity to capitalize on the rent growth that has dramatically spiked in the neighborhood,” Marcus & Millichap’s Jakub Nowak explained to Commercial Observer. “Particularly national retail tenants will pay a premium for this large of a floorplate as opposed to legacy rentals in the area, which is predominantly composed of much smaller floorplates occupied by mom-and-pop tenants.”
We reached out to Eagle Provisions, but owners are not commenting on the sale at this time.
The potential loss of one of the greatest sausage and beer meccas in NYC is a tough pill to swallow, especially with brokers actively trying to shove some big box “national retailer” down our throats. It’s these smaller “mom-and-pop tenants” that are the backbone of our community. Businesses like Eagle have been around for decades, and help maintain the character and small town feel that so many who live in this neighborhood have come to know and love. If sales like this are the shape of things to come, the future isn’t looking so bright.