‘One and One’ Walked Away from Opening a New Bar in Preserve 24 Space

Posted on: March 23rd, 2015 at 5:10 am by
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Looks like the former home of Preserve 24 on East Houston will continue to sit idle. Could this L-shaped property now be considered a cursed space?

There was a brief moment back in December when the owners of One and One (founded 1998) – Terry Dunne and Paul O’Sullivan – were thisclose to opening another booze den in this ginormous space. The plans were to open One for the Frog, which consisted of a “first class restaurant” on the main level serving a fusion menu of Mexican and French cuisine and a lounge in the basement. Neighbors didn’t buy that ruse, though, and feared another bait-and-switch. Turns out, they needn’t worry for the time being. The plan is terminated.

For their part, Dunne and O’Sullivan had made a concerted effort to meet with neighbors within earshot of the establishment and also with the LES Dwellers. Apparently there was an impasse (the sticking point was the necessity of a basement lounge until 4am), and the applicants decided to, well, pass. The decision to walk away allegedly stemmed from not wanting to jump into a quagmire and upset the neighbors.

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Evidence of the failed deal is now on the ground at 177 East Houston in the form of leasing banners. The advertisements sit in the windows on both the Houston and Allen exposures. Newmark Grubb Knight Frank is repping the property, but the official listing is not yet live.

The enormous footprint of this commercial unit – with entrances on two major streets – is too large to sustain a restaurant business model. Its only possible function at those high rents is a club. Or the space should be carved into separate stores again.

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