Wednesday, October 15, 2008

Rainbow Cafe is Missing Its For Sale Signs

It's still actively listed on LoopNet, but the For Sale signs are gone from the windows of the Rainbow Cafe on 39th and 5th Avenue. Also, the listing on LoopNet has dropped $250k to a mere $3 million. The building is described as vacant, so I thought that the four 2 bedroom apartments were ready to be filled with newly-raised rents - a draw for any buyer. However, upon closer inspection, there are definitely people living in the apartments. It looks like all four are occupied. I guess the vacant part means the restaurant/bar and basement.

It would be great to see this place open up again with just a touch-up and not a complete destruction of its facade. If you look closely at the enlarged version of the photo, you can make out the original, tiny stained-glass windows that decorate each of the residential windows. I like the lighthouse motif, myself.

The listing says it's "ideal for a large retail chain, bank, fitness center, fast food" type of establishments. Nooooooo! Can't someone save the Rainbow from becoming a Connecticut Muffin or Pretty Girl or New York Sports Club?

1 comment:

Steven Baird said...

I doubt there's much truth in this, but I heard from a couple of people that it's going to be a Starbucks. I don't really see that happening since they're busy closing down stores not opening them. I wouldn't want it to happen either, because then I would be one step closer to being priced out of the neighborhood I love so much.