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The Hard Sell: 143 Madison Avenue

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: 143 Madison Avenue (btw. 31st & 32nd Streets); formerly known as Vapor, Room 143 & Chinawhite
Kamali: "I'm going to be straight with you: Your best bet is to start with an exorcism, then come up with a first rate promotion strategy. But if you're looking to be a hero, this is the venue for you."

Rent: $12,500 per month
Kamali: “Standard figure here and definitely at market. You'll need a solid happy hour and weekly B & T parties to cover it, but who doesn't?”

Term: 13.5 years remaining
Kamali: “A very long lease! A huge value in paying key money for this location is the long term lease-it allows you to amortize your investment over a longer period of time. Am-or-it-ize. I love that word.”

Size: 2,000 sq ft (ground floor); 1,200 sq ft (lower level)
Kamali: “There's a great long bar on the ground floor, with a lounge area in the rear. About the lower level: remember, it's not a basement. It's a "private VIP space." Said "private VIP space" could also be useful as a place to send the underagers when the cops come barging in!”

Fixture Fee: Best Offer!
Kamali: “There's a full liquor license included and the place is ready to go. Make me an offer!”

The Hard Sell: “The venue is truly in No-Man’s land, somewhere between Madison Square Park & Gramercy, but keep in mind that a winning concept works anywhere, so be optimistic. This is a prime deal for a first time buyer: there are very low barriers to entry on this deal, financially and otherwise. You're basically looking at a night club of your own for under $500K at startup.”
· The Hard Sell: 452 West 17th Street [~E~]