It's been nearly a year since the iconic Rainbow Cafe of Sunset Park shuttered following the death of its owner. Last July, the building, which boasts one of the most fabulous pieces of signage in NYC, was put on the block for $3.25 million. By December, with the Great Recession well underway, it was no longer for sale, but for rent.
Today, it remains for rent as "Bar or Store." I suspect, in this economy, it will remain so for some time.