Wednesday, August 31, 2011

Place Your Bets...

... on what will eventually move into the abandoned OTB space here in Forest Hills. But until then, you can read the following article. All I can say is that is one prime piece of real estate here in town...
N.Y. / REGION At OTB Parlors, Ghosts of Wagers Past Linger By DAVID W. DUNLAP Published: August 28, 2011 The 50 or so Off-Track Betting Corporation parlors across the city have been closed since December, but very few of the spaces have found new tenants.

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  1. A wine bar or an independent coffee shop with live music? ..... one can dream, right?

  2. Either is a great idea. Who knows... maybe it'll happen.

  3. What is the square footage of this facility and is it an active rental listing right now?

    Blockbuster went out and is being replaced by a Schwab on the other side by the Restaurants which used to be located where Bank Of America Home Loans is now.

    The former S+B Mens warehouse space has not been rented and neither has the OTB Space.

    The OTB Space is closer to the Schwab location and passes the median by the subway and is the walkable path to the highrises in the area like Lane Towers, Gerard Towers and Parker Towers.

    So that OTB space seems very desirable just like the Blockbuster space and it is surprising it hasn't gotten rented yet with business catering to this distinct population. Considering the number of housing units in the area and the fact that population in these buildings are getting younger in general, it seems like an excellent place for rental with business catering to this population segment.

    One thing missing from this community is more than a wine bar and coffee shop as suitable replacements exist elsewhere.

  4. If someone posts the rent amount on this property and the square footage, it won't be hard to open a business in this location at all.

    I see it as a very profitable location in this area. People keep going out of area for stuff because quite frankly the business models in this area are poor.

  5. The problem with FOHI is that the commercial rent is too damn high. A small hole in the wall on Austin Street commands a $15k a month rent! How can a business afford to pay that?

  6. please please don't be another bank. something retail or food. although the only franchises could afford that spot....i bet the rent is so high that a mom n pop run restaurant could not survive there.

    no more banks. or cell phone stores!

  7. The risk/reward ratio for that location is pretty decent.

    Charles Schwab took over the other property where Blockbuster was.

    I don't think it will be a finance firm there but something that requires ground floor retail that people want. As to what I have no clue.

  8. I think it will be a finance firm or cell phone store. A food joint would attract too many pests/rodents and being that a residential building sits above it, the landlord wouldn't want to risk having to deal with residents complaints about vermin.

  9. Didn't think of that. Good point. The fumes, grease, and smoke probably wouldn't sit well with the residents either.

  10. former OTB under renovations. hello 7-11 and Red Mango