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I am not surprised, since the Catsimatidis' grocery businesses have had losses for a while, such that their real estate holdings is the primary business of the company now. Perhaps the space is more valuable to rent to another tenant than to run their own grocery store in the space.
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I am not surprised, since the Catsimatidis' grocery businesses have had losses for a while, such that their real estate holdings is the primary business of the company now. Perhaps the space is more valuable to rent to another tenant than to run their own grocery store in the space.
It'll be tough since that stretch of Myrtle has a pretty massive amount of retail space that have opened up or about to open up. I'm curious as to what will take its place.
I am not surprised, since the Catsimatidis' grocery businesses have had losses for a while, such that their real estate holdings is the primary business of the company now. Perhaps the space is more valuable to rent to another tenant than to run their own grocery store in the space.
Ever since JC purchased (ok bailed out...) DAG he has been on an "reorganizing" binge so to speak. Closing some stores and opening up others.
JC closed that Gristedes on Third Avenue in the 30's, but opened up a something else (DAG or Gristedes, cannot recall) just across the street and a few doors up in a former DAG space.
They're business model is done. Gristedes and Dag were like hood grocery stores for people who didn't live in the hood. Now manhattanites only want Whole Foods and Trader Joe's. Western Beef and C-Town have got a lock on the hood grocery market, who shops at gristedes anymore?
For both Gristedes and DAG surviving remaining stores are open largely because there are few other options locally.
Case in point on the UES there is a DAG on East 80th and York that is the only supermarket in that area. Closest next would be an Associated on 81st and First. Eddie's Market on 80th and First is closed (block is slated for redevelopment) is gone now as well. The other supermarkets are either the Morton Williams at 79th and First. There is Agatha Valentina but that is a whole other story.
On Lexington avenue the DAG store across from Lenox Hill hospital is the only supermarket period. Unless you go over to Third for Gristedes or Citraella.
Gristedes at Third near 77th, and on Lexington near 89th again are the only supermarkets in that area. Ditto for their store on Second avenue near 76th. That Gristedes in Normandy Court on 96th again is the only thing really close up there.
And so it goes.
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