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Mar

15

2014

Crescent Lounge is For Sale

by megc | 3 | Share this Article:

in Bars

crescent-lounge-astoria-queens

While poking around the internet, we discovered that Crescent Lounge is for sale for $120,000. Many Astorians we know and love this place, located on Crescent Street just south of Broadway; I once had the largest and strongest gin & tonic ever there (it was made in a tall drinking glass, mostly gin, and served with a lemon). Crescent Lounge is a Third Space for many in Astoria.

From what we can tell, it’s the business for sale, not the building, since what’s being talked about is lease and rent; not to mention $120,000 is an unheard of price for a building in the heart of Astoria. Here are the sale details from the broker:

CURRENT LEASE DETAILS:
11/1/13 to 10/31/14 – $3,765/mo
11/1/14 to 10/31/15 – $3,953/mo
11/1/15 to 10/31/16 – $4,151/mo

RENT RENEWAL TERM
11/1/16 to 10/31/17 – $4,500/mo
11/1/17 to 10/31/18 – $4,800/mo

ANNUAL INCOME
Total $233,579

MONTHLY EXPENSES
Total $10,926

crescent-lounge-interior-astoria-queens

So tell us, Astorians—did you see this coming? What do you hope happens? Leave us a comment and let us know your thoughts on this!

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