Tuesday, October 25, 2016

Echo Park’s British pub space now selling for $5.5 million [updated]

Storefront ReportECHO PARK —  After months of renovation, The Lost Knight, a British pub-like restaurant, opened in February, serving up Bangers & Mash in the former home Barragan’s Mexican restaurant. Now, less than nine months after it opened, The Lost Knight property is up for sale.

The owners are asking $5.5 million for one of the neighborhood’s largest restaurant spaces, according to a sales flyer from the brokerage firm CBRE. The sale includes more than 6,000-square-feet of indoor space spread over two floors, a second-floor patio, an adjacent single-family home and liquor licence, according to sales material.

It’s not clear what prompted the sale but a broker familiar with the property said the sale would involve only the real estate, not the restaurant itself.

Says the listing:

This dynamic neighborhood is known for hip dive bars, an exploding culinary scene, and an ever-expanding offering of vintage stores, galleries, boutiques, specialty coffee shops, and music venues.

The owners of The Lost Knight spent nearly a year overhauling the Sunset Boulevard building once occupied by Barragan’s,  whose owners sold and closed up shop at the end of 2013 after more than 50 years in Echo Park.

Update: The staff at The Lost Knight wants to make clear that the business is not for sale and have posted the sign below to make their point.

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  1. And they said it wouldn’t last…

  2. Ugh.

    If only I had $5.5 million. I’d buy that place up and totally turn it in to a Mexican restaurant. The neighborhood could use a good Mexican restaurant. Maybe someplace where locals could hang, maybe have some live music or local DJ’s…

    Oh wait.


  3. Oh its clear why it closed. Even the recent transplants don’t want something so contrived

    • The restaurant remains open.

      • Oh I meant it’s clear why they’re selling it. Because they made a bet that the neighborhood wanted a theme park attaction and now that they see they don’t their bailling on a business that isn’t working and won’t be around after they sell the building.

      • This article is about a real estate deal. This will only effect the restaurant in one way: PARKING!!

        Please look at the real estate listing. The parking lot across the street, with capacity for around 30 cars is not part of the sale. However, when Lost Knight was getting its permits, everyone assumed the former Barrigans lot across the street was part of the package when it never was. Just because its always been associated with the restaurant, doesn’t mean the two parcels are linked. The use permit isn’t contingent on the parking lot being available. By enterprise zone standards the Lost Knight is currently way over-parked. They will only need 2 spaces per 1000 sf of covered floor area– which certainly isn’t the 30+ spaces they now have.

        Also, I believe the parking lot parcel also includes a residential apartment building that will likely be torn down to accommodate a mixed-use, density bonus tower. That whole side of the street is up for grabs under the (selectively) watchful eye of CD13. Get ready for the “hollywoodization” of Echo Park.

        • According to the City, the zoning is C2 1VL, so height limit is 45 feet for the parking lot. That’s 3 stories. Thank you CD13 for listening to the community and setting a reasonable height limit for potential new construction. Across the street though, (where the Lost Knight is located) that’s CD1’s world. Mr. Cedillo opted not to lower height limits there and it’s that block that you should be more concerned about.

          • Thank you for posting the listing for the “parking lot”. At $12.5M its guaranteed that it will be high density mixed-use. Sure, we are all very worried about the parcels in the CD1 territory and very thankful for the downzoning of the CD13 portions.

            HOWEVER… when you combine all the potential incentives for height and FAR provided by a “mixed use incentive” and a “density bonus incentive” and then you pile on that the very likely possibility that the overall height will be averaged from grade, and that the parking podium (if they go that way) won’t count in the calculation…. Voila! You just got a 70+ foot tall building in a 45 foot zone (and with half the required parking).

            Apply this same scenario to the CD1 parcels and we have the potential for a building that could go up to 100 feet tall. The only thing stopping that would be the expense of steel construction, not the zoning.

  4. How much did they buy it for out of curiosity?

  5. Wow this really just made my night. I know Echo Park and the east side in general is on a largely irreversible path toward more of these cynical and tone-deaf cash grabs but it’s nice to see there’s a limit to how the more obvious efforts can be sustained.

    • Made your night? You know they’re not selling it at twice the price they bought it to people who will turn it back into a rundown Mexican restaurant, right?

    • Lol. Give it a rest

    • Actually, this IS the cash grab. These guys bought a property, kicked out the long-term local tenant, put in a theme park restaurant, and are now leveraging the better rent they’re getting to turn around almost immediately and sell it for millions more than what they paid for it. How does that make your night, exactly?

      • No one was kicked out. The Barragan family sold for over 3mil and are sitting pretty. They owned the building, hence they weren’t paying rent to anyone. They didn’t have to leave. Get your facts straight.

  6. GastroAstronomist

    It was poorly thought out restaurant, end of story.
    The decor was more like a Disneyland idea of what a British pub was; pictures of double decker buses, the red phone booths, beefeater guards, etc. Not to mention the fixture design was all over the place. One booth was made out of raw metal piping, while the next look “British” while yet another looked like they forgot to remove one of the Barragan’s booths.
    The food was decent, but a bit overpriced ($17 for fish & chips???). The beer selection was craft and a good selection of it, but not any different really than most of the surrounding bars. Nothing said British, not even Newcastle or Guinness.
    Not that this world needs any more gastropubs (i.e., Yard House), but had this been one of those establishments it would probably have killed it in this neighborhood, especially during Dodger season

    • They did have MacLeod’s on cask which I did appreciate.

    • I guess the Holloway is filling that gastropub space. I know there are British expats in LA, but with all the US and California craft beer and Californian and international cuisine options, it was strange to see that they went with “British Pub.”
      Talk about answering the question no one asked….

    • I can’t wait until all these “clever” people who just knew it wouldn’t last find out the Restaurant Stays! Real Estate being sold.

  7. The whole thing felt like a bad flip job from the start. All surface, no substance.

  8. If the restaurant is still open, wouldn’t they have a lease or something … so they don’t have to move just
    because a new owner wants to tear it down and build something else on the lot?

    Or does a business lease become null and void when the property is sold?

    • Unclear. Ace hotel downtown sold recently and.will operate under lease with the new owners. Possible the same happens here, or a new concept takes hold.

  9. This place is bad for a few reasons: 1) it’s a flip! 2) barrigans was so much better it fails the expectation game.

  10. Who was the genius who thought a British pub was what the area needed anyway????

    • No doubt wodie. Like, Brits!?!?! What a bout a Thai joint yo

    • Haha, seriously… British Pub? You couldn’t have a more tone deaf biz plan in EP. Even the lamest gentrifier wouldn’t touch that one. Never gonna find a buyer at that price. Hope they take a bath!

      • Even if restaurant Was Closing, and it’s not, Why would you hope they take a bath in the deal? You, like so many people who have commented, seem to never have had a positive thought in your life. I believe that negativity for negativity’s sake is inversely proportionate to level of IQ.

  11. I went here twice, and wanted to like it, but it just wasn’t happening. It’s surprising how just a couple minor, but crucial beefs can keep me away from a place. For example, an order of chips and gravy was tiny. It’s a small hand full of fries, barely enough to share with one person. Guess what? If I’m going to a bar and ordering beer and fries, I want enough fries to go around!

    And too many humongous TVs at eye level. They also had enough room for about four pinball machines – they should have added them!

    They clearly put a lot of work into the place, so it’s too bad it couldn’t work out. Maybe they should have stenciled “Urban Fish & Chips Fabricators” onto the front.

    • My sentiments exactly. I was even willing to overlook the well above average price point for British food (of all things to put a high price point on…). I actually really liked their fish and chips, but at almost $20, it’s hardly an every day, or even every week sort of meal.

      What I was most excited about and find most aggravating is that they have my favorite local beer: Craftsman 1903, on tap. However, they charge tax on their beers so $7 becomes closer to $7.50. Why on earth would they not just include the tax in the listed price like every other decent bar in the country. That’s an airport bar move! Also, their menu lists their beer as 16oz pints but it’s definitely served in the smaller pint-shaped glasses that are only 10 or 12oz. As the great philosopher Judge Judy once said, don’t pee on my leg and tell me it’s raining. I gave it a couple tries but haven’t been back in months even though I walk by it every day.

  12. Hello, all. Pete from The Lost Knight here…… Just to clarify, this article in inaccurate and based on a misrepresented real estate listing put out by CBRE. The Lost Knight is NOT for sale and will not be. We are a long term tenant of the property owners and have a long term lease. However, the property is for sale. If you haven’t been in or it has been awhile, stop by and check out our live music/open mics/comedy throughout the week. thanks:) -pete

    • Sorry about the confusion, Pete. But the story says that the property is for sale, and we contacted CBRE to clarify that point.

    • Dear Pete,

      Congratulations on getting a restaurant opened in Los Angeles. A friend of mine went through this process recently and I was shocked to learn how difficult and time consuming it is. It became apparent to me that the city’s un-business friendly environment includes eateries and needs to be revamped. My hat is off to you!

      I am sorry that the negative/hater tone of the internet is so prevalent that a local business such as yours cannot escape it. I understand if people want to make mean spirited comments about a politician or celebrity they will never meet while masked in an anonymous username, but you are in effect one of our neighbors and should be treated as such. People have a right to be critical and say what they want, but I do wish they had the time to do it in a constructive manner.


      Mark Snelgrove

    • Been meaning to check it out; I’ll pop in soon.

    • I think The Lost Knight is finding it’s groove after a bumpy start. The food is tasty and the portions generous. The wait staff has been either over-attentive or had no sense of customer service. It’s a huge place and yes, it’s a bit schizophrenic in design and layout but I bet in time this will become it’s charm.

    • don’t forget I decide if you stay or go!!!

  13. Pity. We desperately need a real pub to call our own and It wasn’t that. The food wasn’t British and neither was the beer. We, a large group of Silver Lake locals from Dublin went on a weekend night only to be disappointed turn after turn.

  14. This place is God awful, I’m from England and its about as English as a Burrito. I hope they lose money just for having the Gaul to think that our local population would patronize this disaster.

  15. Confession – I wanted to hate this place. But it is actually really great and we go there all the time. Great service and employees. Nice hang out spaces upstairs and awesome roof deck. It’s really a hidden treasure in the neighborhood.

  16. Just started going here. I agree with Patty, the staff and service are great. A little pricey but it’s a great place to catch games with their huge TVs. Hoping to start watching EPL games here soon too.

    I do miss Barragan’s though, had many a great blurred nights there…

  17. Karma! The Ghosts of Echo Park do not like what’s going on. Just give them a bit more time to get truely awakened, the Ghosts they have been called out, to correct your wrong doings, they ARE here for you, so when you see one do not BE AFRAID!, YOUR not from here you can pack up. Return FROM wince you came. Remember they are here for U…….Karma. …..HAHAHAHAHA ……. Come my sweets it’s time to go to work……HAHAHAHA HAHAHAHAHJEJEJEJE HAHAHA.

    • @Anon

      Open up your own restaurant and show us how it’s done or GTFO.

      Why are there so many Monday morning quarterback armchair experts on The Eastsider?

    • You mean the ghosts of all the dumb homies that bit the dust for their barrio? Maybe all the transplants from the third world should pack up and return from where they came.

  18. It’s the type of place that will never be hip, and you don’t feel cool going there. That said the food is good but pricey. I actually think they don’t have enough TVs in the downstairs bar room for it to be a real sports bar, half the seats don’t really give much TV view at all.

    I don’t totally know what it is, I don’t think they totally know what it is, but it’s fine for whatever the hell it is. The staff is nice at least.

    • Layout of the bar is terrible, and drinks are too expensive. I don’t love the Holloway but that’s where I’m watching football on Sundays.

  19. I do like the Macleod’s on tap but that’s about it. It is expensive, the food is average, the décor inside is awkward (it’s better upstairs) and I think they messed up the Patio with those weird pallets as sunshades. I’m a Brit, a newish arrival and I preferred Barrigans – cheap, cheerful, more of a neighborhood vibe and the patio was less claustrophobic.
    Staff are all very friendly but they are everywhere else in EP too.

    • Yes the pallets make the patio claustrophobic, and and it was smoky as hell under there during echo park rising.

      Its utterly insane that there are no TVs outside. It would be a great spot to watch sports.

  20. Margarito Wednesday

    I tried this place early on and had a decent time eating here with my girlfriend albeit in this dead empty place. A week later I came back to meet friends here and a snooty Brit hostess stops me at the door and tells me “Sir you have to take off your hat.” She caught me off guard and I took it off for a split second and put it back on. She then says “there are no hats allowed in here,” Maybe it was the American Revolutionary reaction in me I said “f**k that” and immediately exited. I was so pissed. It was a rainy night to boot and I have to answer to my friends why I can’t go in because there is no way I am taking off any piece of clothing for a snooty Brit. I came up with a plan how I was going to boycott Lost Knight and stage a sit-in protest where a group would all wear Turbans (a “Turban-in” if you will) or some sort of Native headdress’ or Hassidic Kippahs. Dress code in Echo Park? What a joke. I just laugh that this place is failing so miserably. I think they might have eased the hat rule now but was that ever a good idea, hello… Dodger fans? Owners are idiots. Good riddance, I forever curse you Lost Knight. I might stop by just to piss on the floor.

    • Wow lame!! What’s up with restaurant workers giving the clientele attitude anyway? Pathetic!!

    • Way back before your delicate, sensitive and hat-loving self was even thought of, it was considered poor manners and rude to wear hats inside a restaurant or at someone’s dinner table and many still consider it to be so. I doubt you could spell “manners” without a spellchecker and probably do not know the meaning of the word. I can only hope that the friends you whine about having to answer to left you out in the rain.

      • i Been reading your text and i see you go hand by hand with this place in stead of making it better you’re riding on the Titanic and will go down hand by hand wish I respect you.

  21. I tried to go twice to watch English football. I called the night before **both times** to make sure they’d be open –– only to find that no one showed up in the AM. Nothing worse than standing at a locked pub at 7AM, hoping to watch your team and have a bite.

    The one time I did go (and get in), I was the only one there. I had a nice meal and pint (or smaller) of beer, and spoke at length with the nice owners (who are English).

  22. Good bye, good riddance. Overpriced sums the place up. It’s a FANTASTIC space with HUGE potential. Perhaps someone more in tune with the local patrons will figure out how to make it work. I hope it closes sooner rather than later.

  23. All the haters are ridiculous… I have lived in this neighborhood for over 8 yrs… This place is the sh$t. Cocktails are great service great especially justin who works the upstairs… Food is a bit pricey but it’s good. I live up the street and convenience makes the prices worth it. Yeah dive bars are cool if you like drinking out out of plastic cups people that live here know what spot I am referring to. I bet that most that have commented either didn’t live here or were scared to go to the gold room. Believe me I love echo park and all the bars that serve the strip and I think this place is a great addition I hope it survives the sale it has become a new staple.

  24. All of us being curious about the place, the wife and I met another longtime EP couple there for dinner a couple of months after they opened.

    After getting an icy look over from the hostess and being asked about reservations (which we had), we were seated in an otherwise empty room (the allegedly Downton themed pantry area) literally within the swing of the kitchen’s service doors. After changing tables and having dinner, we got a tour of the sprawling, largely empty space which was laid out like a place in Cabo or a Chinese imagining of the Sunset Strip.

    My sense was that the operators were proud of creating the best douche magnet on the Eastside and that it was only a matter of time til they had a velvet rope. We haven’t been back.

  25. Like the Lost Knight, this comment thread doesn’t know what it wants to be.

  26. They’re advertising a 5% return which is very low for a commercial property. I can’t see any sensible investor buying at that price. The first years rent is guaranteed but that’s small consolation considering you will probably need a new tenant by then. The business itself must be hemorrhaging money.

    I haven’t looked into the ownership but maybe it’s the same people. If that was the case it would make a lot more sense.

    As far as Black Knight goes I was suspicious from the start.
    However, I was willing to give them a chance.
    Unfortunately there is no selection of English beers and the food is mediocre and grossly overpriced.

    A shame since I might have actually gone in there every once in a while if I could get a Guinness etc.


  28. Barragan’s was was a crappy place and the food was very bad, but the Knight, Please yuck

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