Developers are salivating over a chance to dig into the site of the iconic Junior’s Most Fabulous Cheesecakes and Desserts in Brooklyn, but cheesecake aficionados can take heart: Despite shovels on the horizon, Junior’s will return.
In fact, Alan Rosen, the third-generation operator of the restaurant founded by his grandfather Harry on Election Day in 1950, says Junior’s will open at a new, second location during construction, and retain it after its return to its original site.
“I think there’s room for two Junior’s in Brooklyn,” Rosen declared of the second spot, which has yet to be decided upon.
Since their father and uncle bought the property at the corner of Flatbush Avenue Extension and DeKalb Avenues in 1981, Rosen and his brothers Kevin and Brett have been solicited many times to sell, but in the last few months interest has been intense.
Rosen has now retained Bob Knakal, chairman of Massey Knakal, to market the approximately 17,000 square-foot restaurant on an 8,548 square-foot site with 115 feet of frontage. It can be redeveloped into a roughly 102,500 square-foot luxury condo with retail — i.e., Junior’s — in its base.
Knakal declined to discuss pricing but others tell us it could fetch between $45 million and $55 million depending on the terms of Junior’s build-out and future lease or retail condo deal.
Once completed, Junior’s will reopen in its new, state-of-the-art perch.
The eatery has always been a pit stop for sports, music and movie stars, and a star in borough politics. Last October, tagging along for a campaign booster with Bill de Blasio, President Obama bought both a New York Style Cheesecake and a strawberry-topped creation to savor on his return trip on Air Force One.
“I have a very loving feeling for that corner, and it has been in my family since the 1920s [when the Rosen family ran a pre-Junior’s diner], and there will always be a Junior’s in Brooklyn,” Rosen said. “Junior’s and Brooklyn go together.”
Knakal, who is marketing the opportunity along with colleague Stephen Palmese, added, “We believe this is the best development site in Brooklyn and anticipate a feeding frenzy for this trophy property.”
Junior’s Restaurant also has locations in Times Square, Grand Central Station and at Foxwoods Resort Casino.
A multimillion-dollar capital-improvement plan is starting to pay off at 501 Madison Ave. as Porsche Design has leased a new 7,000 square-foot flagship with 115 feet wrapping around East 52nd St.
The 15-year deal had an asking rent of $750 a square foot for the 2,501 square feet on the ground, and $150 a square foot for 2,344 square feet on the second floor. Its private elevator also runs down to the fully climatized 1,864 square-foot lower level with high ceilings.
Michael Glanzberg of Sinvin Real Estate represented Porsche Design in the new deal. The edgy design-accessories store has been in 1,800 square feet on the Madison Avenue side of the GM Building for the past eight years. That space will close, and they will reopen in this new space later this summer.
“The migration of ultra-luxury down Madison is really a notable market dynamic,” said Glanzberg, ticking off area stores, which already include Rolex, Brioni, Lladró, Tourneau and Dunhill.
The office building was developed by Cornelius Vanderbilt, and public documents show he leased it in 1929 to a group that has at times included many prominent real-estate families including Silks, Halperns and Lindenbaums.
After 81 years, the Vanderbilt family decided to take back the building and make the investments and capital improvements needed to upgrade all the tenancies.
Among the changes is a reorientation of the lobby to create additional retail frontage while also capturing the second floor to create double-height retail and signage. Low iron glass will help storefronts reduce reflections. “These are bespoke retail spaces,” said Robert Freedman, Robert Freedman, Chairman of Colliers International who represented the family along with Vice Chairman Alex Jinishian.
A new chiller, hallways and bathrooms are being upgraded, the façade restored, and the better tenants retained.
Madison International Realty just paid $68 million for a passive stake in 55,565 square feet of retail at 510 Sixth Ave. between 13th and 14th streets.
Ark Partners pocketed the dough for selling just a 48.95 percent interest, which comes to $1,230 per square foot, revaluing the condo investment in the base of a residential building to just over $2,500 per square foot.
Urban Outfitters and Chipotle are among the tenants.
David E. Ash of Prince Realty Advisors arranged the matchup.
