This is out of the CH neighborhood, so I probably won't have the attention required to follow this address and see what it becomes....
However, if we are to believe the ad, its fate seems clear:
I don't understand how the apartments will pay more rent than the store so these figures look a little off especially since the rent roll is only $68,000 now.As an aside, there was a Crown Chicken store on the corner of St. Johns and Troy up until about a month ago. Was evicted for being way behind on the rent. Was there on Friday, when I got back on Monday the place had been totally cleaned out by the marshal. There was also another chicken place on St. Johns between Buffalo and Rochester that closed too. Apparently the costs to stay open are much more than the owners expect.
This Bushwick CFC location seems to be in the middle of a long lease, so its low rent does not surprise me.
The apartments are market rent. ....and market rents have been soaring that area.
It amazes me when CFC's close. I view their closure as often an early sign that a neighborhood is changing.
Honestly, I don't think the neighborhood is changing that much on Troy and St. Johns but if I'm not mistaken he was paying about $2400/mo in rent and just couldn't cut it. With all the expenses to keep the place running I would think he'd have to gross about $2500/wk just to break even so around here he was just not about to do that selling fries to kids at $1.25 an order as they left school.
It is difficult to discuss why one particular location goes out of business.
It is just a general phenomena. One that makes me have to walk further and further to find them.
This map is handy in that regard:http://www.urbanspoon.com/ch/3/2294/NYC/Crown-Fried-Chicken