B’Paper: 111 Hicks Coop Rules Nix Brooklyn Heights Tea Lounge

By on October 6, 2009 10:10 am in Brooklyn Heights

At the end of the day, the 111 Hicks coop board’s demands upon Tea Lounge owner Jonathan Spiel were just too much to make the business work in the former Palmira’s space:

Brooklyn Paper: Tea Lounge owner Jonathan Spiel said the long-awaited Heights branch of the popular writers hangout will not open inside the St. George Tower between Pineapple and Clark streets because of disagreements regarding the lease.

“It is not happening because the landlord there — which is the coop board — made some absolutely ridiculous lease requests,” said Spiel, who claims the lease included stipulations requiring certain renovations, the hiring of a sound engineer, the installation of soundproofing, and a proviso allowing the board to terminate his lease if the coffeehouse racked up two noise complaints within a 60-day period.

“They wanted me to completely renovate that space so that should I go out of business, they would have a brand new space, perfectly renovated to rent,” he said.

Spiel adds that there may be a Tea Lounge in Brooklyn Heights, but not anytime soon.

Watch video of what Brooklyn Heights is being denied.

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  • heightsdiho

    Makes me saaaad…

  • tb

    that space has been empty for years now. WTF?

  • bagley

    ABC–I meant to respond earlier, but didn’t get to it. I stand by my statement that most people (including Wall St. CEOs) don’t understand financial statements. I could calculate Black-Scholes when I was 16, got an A in Commercial Law (basically memorized the UCC) and no one needs to feed me information. Lower entry and higher carrying mean nothing, except where the money is going. It frightens me that you are relying on streeteasy.com and brownstoner.com as your sources. Seriously? Is this where you get your financial advice? Again, I’m sorry the coffee shop didn’t open, but seriously?

  • ABC

    Don’t be frighted to learn to that I take financial advice from those blogs because I don’t, and that’s not what I wrote. I can read a financial statement. I’ve read 111 Hicks’. While nobody feeds me information, I do take my real estate attorneys advice at times.

    I’m glad you trust the board has your best interest at heart. Not sure it’s wise since this board admits past boards have made large financial errors. Blindly assuming they know best seems … dubious.

    Lower entry costs mean a lot. It’s why co-ops have 20% down payment mins. Why some buildings require 50%. Why condos are at risk with so many owners immediately underwater.

    Anyway, good luck on renting the space. Why didn’t the board make good on their idea to convert that space to two residential units? I know they spent a lot of money on attorneys fees — they used my attorney!

  • bagley

    ABC–I want to engage with you, but I’m not sure you really know what you’re talking about. How have you seen our financial statements? And what are you looking at that draws you to those conclusions? From your posts, I can’t really take you seriously.

  • Someone

    Why dont bagley and abc not meet in front of 111 Hicks and battle it out on the street once and for all?

  • The Where

    Thanks 111 Hicks for blighting Brooklyn Heights. Can’t wait until the flophouses return.

  • No One of Consequence

    For as often as I find myself agreeing with you, I can’t think that the blight of the neighborhood could be attributed to a single commercial real estate location.

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