Friday, June 27, 2014

Two Contiguous Properties On Smith Street Up For Grabs For $13 Million

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Smith Street between Warren and Baltic Streets
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191 and 193 Smith Street
191 Smith Street, currently housing Ceol, an Irish pub
Since the one story brick building housing Met Food at 205 Smith Street between Warren and Baltic Streets was just sold in May for $18,500,000 to a group of investors to make way for a new two-story retail building, the owner of two properties on the same block must have decided to put them on the market as well.

The two contiguous buildings at 191 and 193 Smith Street are being sold through Smith Hanten Real Estate for $13,000,000. Both buildings are 25 feet wide, which would represent a total of 50 feet of commercial frontage on a high foot traffic street, along a subway line.

Number 191 currently houses Ceol, an Irish pub that has been at this location for quite a number of years. Spice, a Thai restaurant just moved into number 193 this past January.

One has to wonder what all of this will mean to the small one story building and the deli at 189 Smith Street. How long until it, too, will be sold and probably demolished.

This particular block was rezoned as part of the Carroll Gardens contextual rezoning and is zoned R6B with a commercial overlay and a 50 feet hight limit.

189 Smith Street
Just recently, the building at 195 Smith Street, also on the same block,  has gone through a rather sad re-muddle that left it void of any character. Sadly, it used to be identical to 193 Smith Street.
It is safe to say that Smith Street between Warren and Baltic will look very different very soon.
193 and 195 Smith Street in January 2014IMG_7142
The fa├žade at Number 195 Smith Street was altered just recently.


Anonymous said...

Not to be dumb, Katia, but does this mean that Ceol and Spice are closing? (There's no way that Spice would, since it's new, right?)

Katia said...

Not a dumb question. I would suspect that Ceol may be affected by this because the building will most likely be torn down or at the very least, enlarged.. Spice probably has a new lease, but who know.

bored at work said...

Without doing research, my assumption is that the corner bodgega and Ceol have been low-rise buildings since the construction of the IND subway in the 1930s. These sites are expensive and difficult to develop given the proximity to the subway tunnel and stations.

Now that prices for new construction have reached stratospheric levels and Smith Street is a hot retail strip, these two sites are ripe for development. Who knows what will happen to Spice or Ceol, but most likely a developer is not buying them for their rental income. He will knock them down and build new. For the developer, the ideal scenario would be to group all three (including the bodega).

Katia said...

My thoughts exactly, Bored.

R.Robot said...

I'm imagining a really really really big nail salon there.

Rob said...

Looks like Ceol won't be around much longer. There's no way whoever buys that isn't going to knock it all down and build something new.

Anonymous said...

The prize would be getting the bodega corner property.
You may have missed a for rent sign at Tony's hardware -- rumor is he is 'retiring'.
Also -Nutbox had last day sale sign in window so seems that rumor is true that site will be redeveloped.