We in the preservation community were all pretty bummed in 2008 when the Sunset Park landmark Rainbow Cafe closed its doors.
For a while, it was listed for a cool $3.25 mil, and the broker handling the property crowed, "Ideal for Large Retail Chain, Bank, Fitness Center, Fast Food." Then the recession came, and it was no longer for sale, only for rent. Today, there's not even a "For Rent" sign in the window anymore.
That is because the joint has finally been—no, not rented—sold! According to Sunset Park Chronicled, "CPEX Real Estate released the news that the building at 3904 Fifth Ave. has been sold “to a local investor” for $1,650,000." That's not $3.25 mil, but it's not nothing.
What will become of the landmark sign? I wait with trembling lip.