Wednesday, December 15, 2010

Another Neighborhood Institution Not Long For This World?

Zillow has a listing for the building that currently houses Michael's Shoe Repair. The three story building is listed for $1,200,000.

Although I'm sure new owners would not want a newer use in there, there is no way that the existing use can pay the market rents in the area. Unless there is a sale-leaseback arrangement (and the listing price doesn't seem to indicate so), Michael's Shoe Repair might be going the way of College Point Bakery and Nino's.

They have been in the area for a long time, and indeed, are one of the few places left where you can find real people. However, they never seemed to sell anything other than socks.