Shuttering BookCourt Space Sold For $13.6 Million; One Developer In Deal Terminated Leases Of Gowanus Artist Studios
‘Then I celebrated my Wall of Books. I counted the volumes on my twenty-foot-long modernist bookshelf to make sure none had been misplaced or used as kindling by my subtenant. ‘You’re my sacred ones,’ I told the books. ‘No one but me still cares about you. But I’m going to keep you with me forever. And one day I’ll make you important again.’ I thought about that terrible calumny of the new generation: that books smell.’― Gary Shteyngart, Super Sad True Love Story
Book aficionados near and far were dismayed to learn that Cobble Hill’s independent bookstore institution BookCourt will close at the end of this month after being a staple of the neighborhood for 35 years.
“We could not have survived the challenges of rent increases, Barnes & Noble, and Amazon otherwise, and we are thankful that we were able to provide this community with an independent bookstore for many years,” said owners Mary Gannett and Henry Zook in a statement.
And while the store garnered tremendous sentimental value amongst long-time customers, the fiscal value of the property is also massive.
The development company Eastern Capital has bought 161-163 Court Street for 13.6 million, The Real Deal reported.
The purchase includes the 4,575-square-foot retail space, currently occupied by BookCourt. In addition, the building contains apartments on the upper floors which are “partially occupied,” according to TRD.
Michael Shamah, one of the Eastern Capital developers, owns one other building nearby on Court Street. He told TRD that the ground-floor space will “remain retail and residential-focused.”
While Court Street is considered one of the “most expensive retail strips in the country,” according to Crains, owners Mary Gannett and Henry Zook were not pushed out by expensive rents. The owners — who are a divorced couple — made the decision to retire and close the store, Curbed NY reported.
Gowanus artists, residents, and activists will most likely be familiar with the other partner in the Eastern Capital development company — Eli Hamway.
Earlier this month, BKLYNER reported that Industrie Capital and building owner Eli Hamway evicted the last of nearly 500 artists from a complex of warehouses at 2nd Avenue and 9th Street in Gowanus and are preparing to lease 200,000 square feet of class A space for “creative” office use.
The addresses of those buildings are 94 9th Street, 75 10th Street, and 98 9th Street.
Industrie Capital paid $21.2 million for a 99-year ground lease on the property in April 2015, TRD says. Including the cost of the lease, the Gowanus project is expected to cost $90 million, they note.
“We are extremely supportive of creative tenants,” Industrie Capital told YIMBY regarding the evictions, “which is why we chose to redevelop Roulston House to today’s creative office standards, including a new and attended lobby, security, new elevators and new building systems, as well as a host of other modern amenities in a well-lit, comfortable, and energizing environment.”
While this loss of BookCourt has caused great community disappointment, local readers may find comfort in knowing that Brooklyn author Emma Straub and her husband Michael Fusco-Straub have announced they have “secured initial funding and crossed our fingers” to open an independent bookstore in the area,” Straub posted on her website.
“And so, dear Cobble Hill, Carroll Gardens, Boerum Hill, Brooklyn Heights, Columbia Waterfront, and beyond…you won’t be lonely for long. Books are magic, and we want to make sure that this neighborhood is positively coated in bookish fairydust for decades to come.”
Straub announced that you can sign up here to receive updates about the future of their plans for the new store.
And as to the future of the BookCourt space? Peter Von Der Ahe of real estate broker firm Marcus & Millichap seemed to take it in stride. “It was a great business that gave the neighborhood character,” Von Der Ahe told TRD. “Now it’s going to be ready for its next evolution.”