Everybody wants at the Greenwich Avenue Post Office building

Cos Cob pigeon fancier

News that the USPS is clearing off the Avenue has every commercial real estate broker in a lather – great site, and high visibility. Who will be replacing our sullen workers in grey? Well, the Pigeon Club has been making a strong push but speaking with P&Z Chairman Frank Farricker, who asked that he remain anonymous because he was not authorized to speak for the Commission, FWIW has learned that the leading contender for the location is a combination McDonald’s/ Chase Bank, with drive-thru service for both classes of customers.

“It’s a win-win situation”, Farricker maintained, “and you wanna know what they’re contributing to the Democrat Party? Whoo boy!”

UPDATE: For those readers offended by use of a picture of (the last) pope, here’s an alternative illustration courtesy of Island Surveyor.

32 Comments

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32 responses to “Everybody wants at the Greenwich Avenue Post Office building

  1. Wally

    Spoke with Tesei, and the opportunity is unique but it must be an appropriate business. A restaurant would work if the site was respected.

  2. Wally

    Of course.

  3. SlappedAss

    The more I think of this PO deal, the more I am thinking that the federal government will sell it to the town for a token amount. The property has been fully depreciated as far as the USPO or GSA is concerned. Town will make a play for it I bet.

  4. Anonymous

    CF, you’ve opined here many times upon the asking prices of residential properties and pointedly posted the selling prices to demonstrate your perspicacity. Usually you say that that town’s old assessments are the more appropriate value.

    So the town’s assessment of this landmark PO was $15.3 million in 2005.

    Care to go out on a limb here and now and to go on record with a prediction as to its final sell price?

    Be brave, Kimosabe.

    • Jeeze, I have no idea about commercial property values, Anon, and I think you have to balance its fantastic location – certainly the best on the Avenue, with all the restrictions on use that the town is certain to impose. So all that said, off the top of my head, $23 million?
      UPDATE: Reading the Greenwich Time article and its comments from professional commercial realtors, plus Fly’s own observations, looks like I’m way, way off – $12 million seems to be the consensus.

  5. pulled up in OG

    Exhibition hall for all the fine art in town – Stevie’s shark, Stephie’s boobs, Buddy’s butt plug.

  6. KrazyKat

    $10mm, 15mm 23mm – who cares! There’s no single customer-serving commercial business that could make that work. Chris, do some napkin worthy calculations and tell us what sort of monthly carry that would imply.

    Restaurant – no, not even another over-price Mario Batali place could clear that.

    Retail – no, not even Richards even if they did not already have a big shop. Apple might have been interesting but that’s a lot of iPads.

    Now a hedge fund might find it an ego boosting trophy. Were this early 2007 I could see it but not sure that works in these more austere times.

    No, I think a sale price would have to be much lower. The assessed value was (I believe) a way for the Town to extract a healthy tax payment from the Feds. However, can that represent a lower bound for a market price?

    Given the US Government owns it, we might have a ready seller here. Maybe they can offer it to the Chinese to help reduce the deficit but I am sure a potential buyer would drive a hard bargain.

    This will be fun to watch.

  7. Hoo Nu

    The best idea is to make it a museum highlighting Obama and his family. A 20 foot statue of the obamas out front would be perfect. Second floor could be an income re-distribution center, eg, one side is the IRS Audit Office, the other a food stamp and welfare office.

    Greenwich gets rent, the Great Leader has a museum, and the rich get to pay for it all.

    Win/win/win

  8. SlappedAss

    There are very few businesses that could make money with that property at a $15 Million selling price. A restaurant? No way. Retail? Parking is a problem there.
    My bet is the town steps in and ends up making a sweetheart deal with the Feds. Then the town and do something almost as inefficient and wasteful as a 17,000 sq ft post office with 4 employees.

  9. Walt

    Dude –
    We don’t need another restaurant. You want a meatball, go to Mario’s. And retail is out. This place is screaming High Beems and Rub and Tug. It’s right next to the PD, so we have guaranteed walk in business. And no freebies for those guys. They can afford to pay for the wanks. When can we close?
    Your Pal,
    Walt

  10. Contrarian

    You couldn’t find a better picture to use than a recetly deceased leader of a world-wide religion? Don’t be surprised if a flock of pigeons make your head their next target. “Catholic Karma,” perhaps?

  11. anon

    I heard from a reliable source that the Richards building is for sale too. I guess they must not be selling enough $350 polo shirts to make it a viable business???

  12. Walt

    Dude –
    Get on this. If the Richards building is for sale, we can lock up the Greenwich porn industry. We can be Wizards of Wank!! Bad Boys of Bootie!! Now get on this. You handle the real estate side, and I will start recruiting the talent. Don’t screw up. You load. I will be interviewing Bambi. It may take a while.
    Your Pal,
    Walt

  13. Walt

    You have your moments, Sparky. I will call him. You think Stephanie would be interested? Having her at the bar couldn’t hurt. But hands off Dude Man. That Filly is mine. That little minx.
    Your Pal,
    Walt

  14. Stanwich

    $15 m ($882 psf) is not an outrageous price. There are bunch of variables to consider but assuming a 6% yield to the landlord, net rents would have to be a blended $50+ for the entire building before any landlord capital. Assume another $20 psf for operating expenses and $70 blended gross rent would support the price.

    The two most appropriate comps are:

    75 Greenwich Ave (Sephora store): Sold in Nov-09, $1,305 psf, $8.0m, 6,130 sf. This was sold with the Sephora lease in place so the value is dependent on the lease with them and probably contains a percentage rent for the owner (% of sales to the landlord).

    356 Greenwich Ave (Apple store): Sold in Mar-08, $895 psf, $9.8m, 10,900 sf. Somewhat older comp and the place required a lot of capital, not sure what Apple paid and what the landlord paid but I seem to remember Apple entering the fray later in the process which means the landlord footed the bill for a big portion of the work which makes sense given the sales price. Would be interesting to see where this trades today with Apple in place.

  15. bc

    Greenwich Center for the Arts? Given by the grateful citizens?

  16. Hu Nhu?

    My sources say Mark Mariani is eyeing it as a teardown.

  17. Walt

    bc –
    It is going to be the center for the arts. Nude Ballet. Who doesn’t think that takes talent!!! Plenty of brass poles, and nude palamino’s. It’s a sure thing, that even Chris can’t screw up. As you tool down Greenwich Ave, you see a big busted hottie in a martini glass. Leg up, black stocking on. Purple, of course. Who wouldn’t stop? It’s exactly what down town needs. And if Richards is for sale, we can buy the palomino’s neck ties and glasses. The slutty librarian look will work in Greenwich. For sure.
    Your Pal,
    Walt

  18. Fly Girl

    bc: your idea is great with one exception: there are too few grateful Greenwich citizens.

    How about a two-hole classic movie theater that can open walls for a stage?

  19. FlyAngler

    The Town should the the dirty with the Feds and buy it for $1 (well, not quite).

    Then the Town can create a Greenwich Center for the Performing Arts (we don’t have one of these, do we?)

    Music, plays, traveling artists. etc. Set up a Summer stock program.

    Sure, it would be a small intimate venue but that is the point.

  20. A.O.

    Homeless Shelter and Soup Kitchen

  21. Cos Cobber

    How about a center for financial arts? Perhaps a financial hall of fame and shame. I think many inductees will occupy both halls; shame and fame.

    Could be a hoot and in keeping with Greenwich.

    PS – the $30MM+ high school auditorium better put to rest the notion that this town needs a performing arts center. Its bad enough we need to build one expensive stage, we dont need a second one. The high school’s new facility should be open to all once its completed.

  22. Walt

    Dude –
    We are doing The Naked Ballet for the Performing Arts. We can do some Tywla Tharp crap to get it approved by the butt plugs on the P&Z. But no ballet slippers. We are talking 6″ stiletto’s. And some Tat’s. I have 3 Filly’s recruited already. Some chick keeps asking me if I like her Brazilian. And she is alone, dude. What is up with that?
    Your Pal,
    Walt

  23. Island Surveyor

    CF-
    You’re not trying hard enough.

    http://bit.ly/dijEyj