Back by special engagement, it's The Hard Sell! Eater Nightlife Real Estate Guru-in-Residence Steven Kamali now brings you his take on Chubo, not his listing -- yet -- but a fine one at that. 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 his money pits gems, please be in touch with The Grim Reaper directly; we're not here to make money off of your failed nightlife ventures. Also, take a look at this photo: Kamali says hi.
Venue: Chubo
Kamali: “It’s with great sadness and regret that we analyze the ‘sell-ability’ of a wonderful LES restaurant that maintains loyal friends whom admire the love and admiration that was given to this restaurant by owner/operator Claude. Obligatory sentimentality, check. Now let's begin.”
Rent: $4,500 per month
Kamali: “Wow! An incredibly below market lease, allowing a first-time restaurateur the opportunity to make a go at it in the rent crazed real estate market. Why am I even showing you this listing? I should sweep it right out from under your feet!”
Escalations: 4% per annum
Kamali: “By now I’m sure you’ve learned the lingo and come to understand that this is totally standard and expected. Hey, by the way, look around. Wylie D, Stanton Social, Inoteca, Schillers, Orcahrd. Or did you want me to keep talking about escalations?”
Size: 1,200 SF Ground Floor, 1,200 SF Basement
Kamali: “That gives you enough room for about 45 seats and a cozy bar. Get’em in and out as quickly as possibly and you should have no problem making a few shekels. Lower prices and more volume is the way to go, let’s not forget this ain't La Goulue.”
Term: 10 years
Kamali: “Claude has already done the hard “dirty” work for you and re-negotiated a new lease with the landlord, all you have to do now is pick up the keys to your new restaurant—and drop-off a check of course.”
Fixture Fee: $200,000
Kamali: “No I’m not kidding, and yes that’s all payable upfront. No Promissory Notes! It’s not like you're buying an over-priced nightclub. Ie. this baby is worth every penny.”
Comments: Full Service Kitchen, Beer & Wine License, Outdoor Dining Space
Kamali: “I should have charged you a fee just to hear me say the words Outdoor Dining Space. Also, this license also allows you to serve Champagne and Sake as well—think about it this way: without a liquor license you can be sure you won’t be attracting that great bunch of Scotch drinking Wall Street boys, leaving plenty of room for the Lower East Side hipsters.”
Previously, in the The Hard Sell.
