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.

This image has been archived or removed.

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.

This image has been archived or removed.

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:

http://www.youtube.com/watch?v=KHousB_3NXg

Recent Stories

Trees in East River Park Marked for ‘Demolition’

Over a thousand trees will be uprooted later this fall when the city commences its demolition and redevelopment of East River Park. Faux demolition flyers now dot the park to raise awareness of the impending arborcide for the controversial resiliency project. The bright-red bills announce trees as “marked for demolition by the mayor and City […]

Upside Pizza Heads to Little Italy, Replacing Pomodoro on Spring Street

Out with the old style, in with the new. Pomodoro Pizzeria, which shuttered at the outset of the pandemic, is to be replaced by the popular midtown slice shop, Upside Pizza. Founder Noam Grossman and partners Eli and Oren Halali (behind 2 Brothers and Taqueria Diana) together submitted an application to Community Board 2 for […]

Looking at the Luxury Conversion of the Former Bialystoker Nursing Home

Conversion of the former Bialystoker Nursing Home is well underway on East Broadway. Work commenced a year ago, but visible progress is now palpable. The landmark building – designated as such in 2013 – is encased in scaffolding, elevator shaft, and cranes, and windows busted out. In the near future, it will yield more luxury […]

Petisco Vegano to Close Tomorrow, Blaming ‘Difficult’ Landlord

Petisco Vegano, the reimagined iteration of Cafe Petisco, this week joins the rank of restaurant closures related to the coronavirus pandemic. Last day in business is tomorrow (October 20). Ownership took to Instagram Friday evening with a screed blaming the landlord for making it “extremely difficult for us to operate” since March. Apparently, there was […]

CB3 Committee Approves Grassroots Plan to Save Historic East River Park Buildings

An ambitious grassroots proposal to rehabilitate two endangered East River Park structures received backing from Community Board 3 last week. As previously reported, two Art Deco gems rooted in East River Park were recently deemed eligible for the State and National Registers of Historic Places by the New York State Historic Preservation Office. Both the […]