Thursday, October 09, 2014
I was walking by this vacant lot being used to "park" cars for the past 40 years I've passed it while the value of real estate surrounding it just off Times Square is in the billions. The property could easily house a major luxury hotel with a Broadway theatre in the basement as well as 15 underground floors of parking enough for 1000 x the car revenue generated now, with a mall of stores and restaurants on the ground floor worth millions in monthly rent. Boy would make a nice spot for ATT headquarters. And look the guy who owns it is just squatting it not doing anything with it, so if this were a domain a big corporate "Hall of Shame" bully would file a "UDRP" and try to just 'take it." The truth is I think developers are just sitting out the leases on the adjoining properties so they can own the whole block, demolish it and rebuild something bigger. To give you an example one of the neighboring stores is a former Woolworth's left as is just name changed to All American Store. Same departments and fixtures forms the 40s and stocked with almost everything you'd find at Wal-Mart owned and operated by two immigrant brothers. Amazing that such a business exists but they probably signed a 75-year lease. That's vision. Fruit for thought.