Wee Beasties Bootery – Doomed?

4/25/2008:

Been sitting on this for a few days…

Seems as if Wee Beasties Bootery in Hoboken has some newspaper covering the windows, and an ambiguous sign that reads “Closed.”

Not sure exactly what the deal is, but I’ve heard a buzz on the street that it’s yet another landlord/rent issue. Anyone have some other insight?

wee-beasties-bootery-hoboken-closed-april-2008.jpg

Description – Children’s designer clothing, shoes and unique toys
Services – kids clothes, gifts
Address – 515 Washington St, Hoboken, NJ 07030
Telephone – 201-656-0999

Wee Beasties kids.JPG

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31 Comments on "Wee Beasties Bootery – Doomed?"

bokenho
Member
bokenho

I love how the running consensus pertains to how the landlords can maximize profit on their space. Yes, that’s business. But a great business is when landlords own property, and have a vested interest in providing a space to help someone fulfill a need and and maybe *gasp!* a dream. I try to do my part by supporting small businesses in town, showing that I do care, and even if they aren’t able to stick around, maybe they can try again where they are wanted and appreciated. Just remember that behind every independent business, is someone’s idea brought to fruition.

oh well okay
Member
oh well okay

if the rents are being raised to the levels claimed here, then a place like ted and jo’s can sit vacant for a while. even if he loses 30-40K over 6 months ( i made that up as an example), the new rent coming in will be high enough that it will even out within the first 6 months or so and start making a huge profit over the life of the lease.

Reformerus_Gianticus
Member
Reformerus_Gianticus

mar47 – You are correct. I used to rent the third floor from 2003-2005. The brothers are Dino and Dave Bogdanos. They bought this building in 2004 for $1,050,000 and it has 3 apartment rentals and the business below.

They had a long standing issue with the current owner of Wee Beasties and tried numerous tactics to get her to leave her lease before it was due. Of course why would she break the lease before it was due if the rents currently are so much higher?

One of the key issues besides money was that her lease stipulated that she have use of the basement and the building owners want to put a garage in the basement. So according to one source I have the landlords took their time to fix the boiler that was never working properly and she had poor heat throughout last year. That main heater never worked properly when I lived there but then the landlords added individual heating for the rental units.

I’m not sure what the last straw for her to close the busienss was but until recently Wee Beasties seemed to have a viable enterprise that met a need for Hoboken breeders with a penchant for upscale baby bootery.

Hoboboken is clearly not business friendly any more unless you are a bank, nail salon, real estate office or own your own building.

mar47
Member
mar47

This building was purchased a few years ago by the brothers who own/run Corporate Realty. When they bought the building it was with the intent of moving their business in. But there was an existing lease in place to the store. Perhaps this is their chance to take over the space? I rented from them in the past and they weren’t great landlords and I can imagine what the store owner had to deal with.

ant
Member

[quote comment=”79906″][quote comment=”79696″]See, I don’t understand this. When a landlord like that rasies rent to the level that the current business owner can’t afford it, do they typically have someone already lined up to take it? Like when Ted & Jo’s said we’re out, see ya later, I would think that they’d rather have someone paying lower rent than zero rent, unless of course they have someone already in line to move in. That doesn’t seem to be the case with empty storefronts I see around.[/quote]

The owners can take a write off on their taxes for the year based on the rent they are trying to charge. So far the property owner that has multiple listings its an advantage.[/quote]

Can’t deduct what you don’t collect.

But your costs will be greater than your income so that you get.

If you have held a property for a long time or if you have low carrying costs – such as low or no mortgage – then you can and should hold out for the best tenant possible. Best tenant generally means the one able and willing to pay the highest rent.

Do you really what the City or the Chamber dictating who and what opens in town? Not me, let the market forces decide. If its nice nails and sexy real estate agents – then so be it.

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