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The Hard Sell: 453 West 17th Street

Introducing The Hard Sell. Once a week, or so, Eater Nightlife Real Estate Guru-in-Residence Steven Kamali will be giving you the virtual tour of one of his fine properties. As you know, he is the broker of record on many a fine NY nightlife establishment, many of which change hands like clockwork every 36 months. Should you want to buy one of these gems, please be in touch with The Grim Reaper directly; we're not here to make money off of your failed nightlife ventures.

2006_11_thehardsell.jpgVenue: 453 West 17th Street
Kamali: "This is a new club; no prior tenants, no jinxes to worry about."
Rent: $22,000 per month
Kamali: “Definitely affordable. The rule of thumb in the nightlife world says to keep the rent to 8% of Gross Revenues. For those who don’t like to do math use this trick: Multiply the monthly rent by 2 and that’s what your Gross Revenues should be per week (i.e. $22k x 2 = $44k).  For all you bottle buyers that would mean that the club would have to sell approx 35 bottles per night (Thurs-Saturday) to make rent, pay expenses, and put something in their pocket.  All things considered, look whose backyard you’re in. Buddakhan/Morimoto/Del Posto run-off alone gets you there. Welcome to the club!”

Size: 5,000 SF (Ground); 2,000 SF (Lower Level)
Kamali: “You’re definitely not Stephen Starr yet, but you’d give Earth, The Park, and some of your other neighbors a run for their money. You don't really want to manage more than 7,000 square feet anyway, do you?”
Term: 9.5 years +
Kamali: “More than enough time to renovate, brand yourself as the “it” club, improve your non-existent social life, lose your ‘real job’, go bust and have me sell it again!”    

Fixture Fee: $975,000
Kamali: “Fixture fees are what the seller gets for the value of his FF & E (furniture, fixtures and equipment), along with a below market lease. In this case, the venue is ready to go, just save up for the HVAC and exhaust. Plus, licenses, equipment, bars, sound system are all in place. If you're willing to write a check on the spot, there might be a little wiggle room here. Wall Street Bonus Boys, especially, this one has your name on it. If you can't spend your entire bonus on a club, what are you doing working those I-banker hours anyway?

Liquor License Status: Full Liquor License
Kamali: “Wow. Avoiding months of hassle with the SLA: priceless. Well, $975K, actually."

The Hard Sell: “Buying this space would mean that you too would become an instant impresario in the nightlife world and have your name printed on Page 6 with Paris & Britney! I'll even help you find the right publicist for opening night.”