New Condo Development Will Force Eight Tribeca Bars and Restaurants to Close [UPDATE]

Tribeca-based real estate firm Cape Advisors just paid $50 million for a six building stretch on West Broadway with plans to tear all the buildings down and build a 46,000-square-foot condo development. As a result, eight local bars and restaurants, including Raccoon Lodge, Mariachi's, Banh Mi, Mangez Avec Moi, Saleya, Palermo Pizza, New York Dolls, and Cricketer's Arms will be forced to close. According to Tribeca Citizen, these displaced spots will probably not relocate in the same neighborhood, given the high rents landlords want to squeeze out of these buildings.They probably all have some time left, since this sale only just took place, but it's still quite a blow to decimate eight places at once.

Update: Tribeca Citizen learns that all of the businesses have just four months to get out.