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The Hard Sell: 525 29th Street, aka Secret Nightclub

Once a week, give or take, Eater Nightlife Real Estate Guru-in-Residence Steven Kamali will be giving you the online 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. Also, take a look at this photo: We dare you to cross him.

2007_01_thehardsell.jpgVenue: 525 29th Street (btw. 10th & 11th Avenues), Secret Nightclub
Kamali: "Not the best idea to call your business a secret, especially in this
promoter driven, B & T fueled market! If you're not shy, this is a great space. Do you need the name of a good promoter?"

Rent: $8,700 per month, 3% per annum increases
Kamali: "The math works out to about $40 per Square Foot. The rent for my office is more than that and my views of both rivers are obstructed! Having less expensive rent allows you the comfort of knowing that you don't have to be open every night—and you'll probably be able to keep your drink prices under $18 for top shelf."

Term: 8 years
Kamali: "By that time, the area will be the Art Gallery District North anyway. Plus, have you heard about this thing they're calling the Highline? Get on or get off, buddy. You know what I'm saying? You know what I'm saying."

Size: 2,500 SF (Ground Fl00r)
Kamali: "The space is true to its square footage, the ceiling heights and layout make for a great free flowing space that appeals to bar & lounge patrons of all kinds. (I just read that off the opening press release from the last place.)"

Fixture Fee: $495,000
Kamali: "I know, it's bit pricey but so is everything else out there. It has everything you need to operate a viable business, it's a totally turn-key operation. No renovations and improvements needed. Bring in your staff and and promoters and get going!"

Comments: Full Liquor License, Occupancy 141 persons
Kamali: "That really means 250 people, but don't tell the SLA or the Police that."

The Hard Sell: "People are saying it's the end of West Chelsea. I say, It isn't over until we say it's over. All I can assure you of is that this venue has enough of a physical distance from the mayhem and madness to make you some serious money. Look, unlike on 27th Street, you can drive an actual motor vehicle down 29th Street. Let's not forget that the clubs down on 21st Street are still all making money, all that has changed is the type of clientèle they are catering to. Oh, you're too good for these people? How about we go to Gold Bar for the lease signing and you can get all that out of your system."

Previously, in the The Hard Sell.

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