ECHO PARK — After El Batey No. 2 market closed its doors last June in the face of a steep rent increase, the landlord gutted the interior down to the exposed brick walls, put up a “For Lease” sign and waited for a new tenant willing to pay $4 a square-foot – or $5,960 a month. Well, apparently the owners are still waiting because the nearly 1,500-square-foot storefront has remained vacant. But now it looks like the landlord has blinked in this waiting game, cutting the rent a notch.
An updated LoopNet listing reveals that the asking rent has been reduced by more than 10% to $3.50 a square-foot. In addition, the owner is willing to contribute “TI dollars” for tenant improvements to the Echo Park Avenue space, which shares the building with Chango Coffee and several other shops. Will this be enough to land a tenant or will the former home of El Batey remained for several more months to come?