Borgo Antico = City Tavern

Got $15 million? That’s what it will cost you to buy the burned out deli on the corner of 13th and 5th, which has stood vacant for the past two years. At that price, and given the zoning regulations, the most likely outcome would be a 10-story luxury condo building. But now doesn’t seem to be a good time for new condo development, so there are no takers. Even the New School, which as we all know is interested in increasing its presence in the area, has said that it is uninterested in the lot. Check out the fascinating history of the building.

From Bedford + Bowery:

A Union Square institution, Coffee Shop, served its final brunch Sunday with one last samba performance by Maucha Adnet, her trio, and a pair of roving carnival dancers. Charles Milite and Eric Petterson– who own the restaurant with Karolyn Effer, wife of music producer Jellybean Benitez— were on hand for the farewell, and fondly remembered a New York magazine story about the Brazilian diner’s opening 28 years ago. It noted “the  late-nighters who’ve been thronging Coffee Shop and its secret room in the back–artists, actors and young models wearing black tights and gold medallions.” At the time, Patterson said he wanted the 23-hour diner to recreate the feeling of Brazil: “the sensuality, the music, the friendliness of the people.”

Since then, Coffee Shop has held on, despite never really being a foodie destination; its basement, once an after-hours party spot for ’90s cool kids, recently served as a chill-out zone for off-duty models during Fashion Week. And its outdoor tables were a dependable spot for leisurely people-watching. But back in July, it was announced that the restaurant would close. “The times have changed in our industry,” Milite, himself a former model, told the New York Post. “The rents are very high and now the minimum wage is going up and we have a huge number of employees.”

Anyone curious about what is happening to real estate values in our neighborhood (hint: they’re going down) should know about StreetEasy, currently the best available resource for block-by-block and apartment-by-apartment comparisons of current listings, including recent prices. An invaluable resource as we navigate these interesting economic times.

The former Manhattan Kids’ Club on East 13th St. on our block is being renovated and will become a branch of Utrecht Art Supplies, perfect for all those New School students who study art in that same building.

From The Real Deal:

Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family, the latest of several deals between the two. Gary Barnett’s firm is looking to acquire 530 Sixth Avenue on the corner of West 14th Street in Greenwich Village, Crain’s reported, citing a source familiar with the deal. The site is currently home to a 17,000-square-foot commercial building housing a Moscot Eyewear store, but public records show it has nearly 127,000 square feet of residential air rights.

Extell and the Duells have struck a number of deals in the past two months. In December, Barnett’s company bought two apartment buildings at 116 Seventh Avenue and 204 West 17th Street in Chelsea from the Duells, paying $11 million. He also bought 502 Third Avenue, a rental and retail building in Murray Hill, from the family for $11 million around the same time. Barnett also seems to be the buyer in the $20 million purchase of a rental building at 27 Washington Square North in the Greenwich Village last month, according to Crain’s. At the time of the purchase, the buyer wasn’t known. [Crain’s] – Ariel Stulberg

This is the north side of West 14th St. looking west from 5th Ave. in 1909. The 6th Avenue elevated train station crosses the street in the distance.