Friday, October 21, 2016

What’s it going to take to fill an empty Echo Park market?

The asking rent has been reduced on the former home of El Batey

The asking rent has been reduced on the former home of El Batey

Storefront ReportECHO 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?

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  1. Greed. It’s a helluva drug.

    • So is valium. Man that stuff feels good.

    • how is this greed? If you were selling your car you will attempt to get as much as you can, unless you’re a sucker. No difference.

      The owner is finding out that this enclave isn’t as profitable than sunset. Once they find a tenant, they will recoup the lack of rent since june in 2-3 months with the new tenant, or ~$625k over the next 10 years, which is a heck of a lot more than the market rate from over 10 years ago.

  2. Not worth a penny over $2 sq ft. Any business that is stupid enough to pay for it will go broke.

  3. Almost $6000 a month rent?! Greedy bastard.

  4. Rates like this almost guarantee what you see happening all over town. Small boutique/specialty shop gets a loan and can essentially survive for a year without any profit, which ends up happening. Then in a year they’re gone and the process starts all over with a new business, same story. It’s a pointless cycle that benefits nobody but the greedy landlord as they can start the process over and over with bigger rent hikes.

    And yes, sorry to break it to you Busta, it’s all a matter of greed. I’ll use your own example of selling a car. I just recently sold my car for $7000 which had a blue book value of around $8,500. Was that my automatic asking price? No. The car had a few issues therefore I dropped the price to the realistic true value of the car. A- so I don’t automatically look like a sketchy guy trying to pull one over on potential buyers which makes the sale smoother (sold the car in 3 days with over 12 potential buyers). And B- because I’m not greedy.

    $6000 is overpricing on sunset and this isn’t sunset. It’s barely adjacent. There is no foot traffic on that block outside of people going to a very specific shop to begin with. It’s hard to generate new business on a small block built into a neighborhood like that.

  5. $2QF take it or leave itempty lol

  6. I agree with everyone else that the rent is still too high at $3.50 per square foot. That would make it $5,215 per month. That is quite high for Echo Park! It’s not exactly West Hollywood or Beverly Grove where landlords can ask that much and potential tenants will pay. This is not even on Sunset Blvd. The real estate market has gotten out of control, but people aren’t stupid. They’ll simply keep looking for another space that is more affordable / convenient. Having to pay that rent is difficult enough, let alone personal rent, car insurance / payments, personal enjoyment. He is out of touch with reality. I predict he will ask for less. I had the same situation with our first business venture…. in Van Nuys! It was close to Section 8 housing, and the landlord was still greedy. Needless to say, after we left, the place has remained empty for years. We were the only ones foolish enough to pay what he was asking. So yeah, if you’re an aspiring business owner, do your research!

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