Mary Queen of Scots Restaurant Space for Sale

Posted on: April 29th, 2011 at 6:39 am by

Some unrelated, quasi-royal news on the morning of the royal wedding of Prince William and Kate Middleton.  115 Allen Street may have scored a new culinary occupant in Mary Queen of Scots, but the drama here continues unabated.  Thanks to a tipster in the highlands of the East Village, we now learn that the commercial condo that houses this ground floor eatery just hit the open market.  Massey Knakal is the exclusive broker.

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However, the impending sale probably won’t affect Mary Queen of Scots.  On the contrary.  Judging by all the broker-babble in the accompanying literature, the Scottish-themed restaurant is being heralded as the main selling point for the property.  How the new owner can “collect in-place cash flow from a stable restaurant operator.” Careful, this property is somewhat hexed.

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There are other details, too, like cost of the build-out ($1.5 million), the new kitchen, and the tenant’s current ten-year lease.  Anyway, let’s have a look at the listing.

Located just off the north west corner of Delancey Street on the lower east side, the property is a restaurant condominium that is occupied by the well know restaurant/bar Mary Queen of Scots. The operators are parlaying their success from their first restaurant in the West Village named Highlands. There is a new ten year lease with 3% annual increases and pays all the real estate taxes over the base year 2010/2011. The space is approximately 1,800 SF on the ground and 1,110 SF on the lower level that recently underwent a $1,500,000 build out which includes a newly installed kitchen. The current restaurant owners have a full liquor license. This represents an excellent opportunity for an investor to collect in-place cash flow from a stable restaurant operator.

In other Mary Queen of Scots news, ownership added some storefront flare within the last week.  This new retractable pin-striped awning arrived five months after the official launch.

Here’s Thomas Edison’s version of Mary’s execution, filmed in 1895:

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