Manhattan Does It Better Updated

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Creating a product that has never been
produced before means being the first
responsible for blazing a pathway to
success. Daniel Yaghoubi and Reuben
BenJehuda are headed down that path
with the inception of Pop Bar in May
2010. They are the purveyors of fine
“stick house” gelato and sorbetto – the
first to introduce the product to the New
York City market. “Stick house” is a
unique Italian artisanal process that
creates hand-crafted gelato on a stick
in small batches of twenty four units.
Neither Reuben nor Daniel has had any
formal training as a pâtissier, but when
they decided on their concept they
perfected their recipes through the age
old method of trial and error.




Once ready to open their
first store, they considered
a wide swath of
Manhattan
Neighborhoods. Their
Real Estate Services
Advisor, had found their
current location on
Carmine Street when the
former tenant, Beard
Papa’s Cream Puffs,
permanently shut their
doors. They said they
were undaunted by the
failure of another artisanal
dessert shop in the same
location because they felt
strongly that their product
would touch a larger
demographic then Beard
Papa’s ever had. Before
opening, they laboriously
studied the foot traffic
near 5 Carmine and
found that the
demographic
encompassed various
groups including tourists,
straphangers on their way
to and from local subway
stations, neighborhood
residents, NYU students,
but especially those that
appeared to be taking
leisurely after meal strolls
from the myriad dining
CONTD.

Frank Cuneo Inside Vertical Living – July 2011 | Manhattan Real Estate is a Lifestyle™
– 5 Carmine Street, between Sixth Avenue






















and Bleecker Street. (212) 255-4874 www.pop-bar.com
establishments on Bleecker,
Carmine, Bedford, and
Downing
At this point the partners are
also not sweating their
competition in the
neighborhood (which
includes Grom Gelato and
L’Arte del Gelato amongst
others) as they believe they
offer a “memorable, fun,
and personable experience”
that other gelaterias are
unable to replicate.

Within their partnership, roles
were divided based on
natural talent and
inclination. Both must still
approve of all decisions but
Daniel generally takes the
lead on design while Reuben
spearheads the
financials. Jokingly put by
Reuben, “Daniel likes to
spend money and I try to
save it.”

Even though their roles were
divided on paper, “when it
comes down to it, [we each]
have to be able to do every
job,” and when the store
opened they regularly
worked up to 14 hours per
day to build their business.
Because their core product is
intrinsically seasonal,
introducing items that will be
popular in the colder months
is important. However,
Daniel and Reuben are
adamant that such additions
should never distract from
their core product, but
rather, compliment it. They
experimented with coffee
but found that it interrupted
operations, resulting in lines
for the popbars while each
drink was prepared. They
have found that a better
compliment is the popular
hot chocolate on a stick
which is made with Belgian
chocolate and available in
dark chocolate and
caramel flavors.

Through their first winter
season they have learned
an important lesson about
their business – there is still a
high demand for frozen
artisanal desserts, but
consumers tend to enjoy
them in different places,
namely home.

With this insight they have
begun pursuing external
sales to other gourmet
retailers as well as to
consumers interested in
having them at weddings,
birthday parties, Bar and Bat
Mitzvahs,
corporate events, and other
special occasions.

Additionally, they are now
offering pre-made “Variety
Packs” and “miniPops” at
the store. The Variety Pack is
intended to be taken home
to enjoy and consists of a six
pack of pops with different
flavors that are packaged in
a custom designed thermal
bag for convenient
travel. The miniPops are half
the size of the original and
are generally made to order.

Daniel and Reuben’s Two
Tips to small business owners:
You’re never going to get it
100% right. Get it 100% right
in your head, but be ready
for things to change very
fast. And of course, you
have to love your product.




In 1938 the original Bowlmor
Lanes opened its doors in the
heart of Greenwich Village at
110 University Place. During the
golden age of bowling from
the '40s to '60s, Bowlmor Lanes
was at the forefront of the
bowling revolution, hosting the
prestigious Landgraf
Tournament in 1942 and one of
the first televised bowling
tournaments in 1955. In 1958,
Vice President Richard Nixon
famously bowled at the lanes.
Through the 70's and 80's
Bowlmor Lanes was home to
the top bowlers in the sport and
became a regular hangout for
village hipsters. But towards the
90's, as the popularity of
bowling as a sport declined, so
did the condition of the
bowling alley. In 1994, Darden
Business School Graduate Tom
Shannon attended a birthday
party at the then dilapidated
and financially strapped
Bowlmor Lanes. The young
entrepreneur was instantly
inspired by its character and
history. Shannon, although not
knowing right away what kind
of challenges the current
owners of Bowlmor Lanes were
dealing with, knew that this was
the type of place he wanted to
use his creativity and instincts to
transform. After three years of
research and planning on how
to build a viable business out of
bowling, Shannon secured
financing and purchased
Bowlmor Lanes. His vision - to
inject the tired business with hip
design elements, dramatic
architecture and a complete
remodel of the internal
operations. In essence,
Shannon's goal was to make
bowling cool again. By 1999,
Bowlmor Lanes became the
highest-grossing bowling alley in
the United States. Today it
stands as the longest
contiguously running bowling
alley on the East Coast.
Following the incredible success
of Bowlmor Lanes in New York
City, Shannon knew that he
could bring the Bowlmor
concept across the country
and in 2001, STRIKE
Bethesda opened to
accolades in suburban
Washington, D.C. a year later,
STRIKE Long Island was
unveiled, a cavernous
underground space housing 35
lanes of bowling, a full-service
restaurant and four bars. In
November 2004, the 34
lane STRIKE Miami opened in
the Dolphin Mall in the Doral
section of the city, featuring a
giant, state of the art sports
themed restaurant. STRIKE
Cupertino (Silicon Valley) ,
CA opened in the summer of
2007 and STRIKE Orange
County, CA opened in the
summer of 2008. In the fall of
2010, Bowlmor Lanes plans to
unveil its most ambitious project
to date InTimes Square. All
properties now operate under
the Bowlmor Lanes name.
Frank Cuneo Inside Vertical Living – July 2011 | Manhattan Real Estate is a Lifestyle™




T

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Frank Cuneo Inside Vertical Living – July 2011 | Manhattan Real Estate is a Lifestyle™
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Frank Cuneo Inside Vertical Living – July 2011 | Manhattan Real Estate is a Lifestyle™









Frank Cuneo Inside Vertical Living – July 2011 | Manhattan Real Estate is a Lifestyle™


AT first glance, 255
Hudson Street looks like
a typical SoHo
condominium, with a
soaring glass facade,
million-dollar listings
and a chic designer
lobby. But despite
having housed
entertainment figures
like Bethenny Frankel
and Kirsten Dunst, this
building has more in
common with a
conservative Park
Avenue co-op than a
celebrity-friendly
downtown high rise.

The condominium, just
north of Canal Street,
has a 13-page
application that
requires buyers to
provide multiple years
of tax returns, bank
statements, and
personal and business
references. “Tell me
how this is much
different than buying in
a co-op?” said a
broker who
represented an Italian
man who bought a
one-bedroom in the
building earlier this
year.
As a foreigner, the
buyer lacked much of
the necessary
documentation and
had to spend weeks
having his paperwork
translated into English
and converted into
dollars before he could
close.
“I now tell all my clients
that condo
applications are simply
co-op applications
with the word ‘condo’
slapped on them,” The
Broker said.
David Adler, the board
president at 255
Hudson Street, who is
also the chief
executive and founder
of BizBash Media,
defended the
building’s vetting
process. “Our board
application is as
standard as they
come for condos right
now,” he said. “We do
best practices and our
management
company advises us if
they see any red
flags.”
In the wake of the
recession, an
increasing number of
condominium boards
are hoping to weed
out financially
questionable buyers
by requiring extensive
application packages.
Demands can include
years’ worth of federal
tax returns, detailed
lists of all assets and
liabilities, several letters
of references, and
even board interviews.
These buildings are
waging a war of
attrition, forcing
potential residents to
supply extensive
documentation in the
hopes that those who
appear to be a
financial risk will walk
away of their own
volition.
Existing condominiums
— buying in a new
building is still a
relatively simple
process — are turning
to this strategy
because they have no
real power to reject an
applicant. The only
tool at their disposal is
the right of first refusal,
which allows
condominium boards
that are unhappy with
a buyer to purchase
the unit themselves or
designate a buyer for
the same price. But
few buildings can
afford to do so.
“It is a bullying strategy
— condominium
bullying,” said Adam
Leitman Bailey, a
Manhattan real estate
lawyer. “If a
condominium has a
questionable buyer,
they’ll just keep asking
for more and more
information, dragging
things out, until the
buyer walks away.”
But condo boards say
they are merely
defending the interests
of existing residents. In
the downturn, many
owners stopped
paying common
charges, and
condominiums had
little recourse to
recoup their money. In
case of a default, the
city is first in line to
recover outstanding
real estate taxes or
other charges,
followed by the
mortgage lender. The
condominium is third in
line, and usually all it
can do is file a lien
against the property
and hope that it will be
repaid when the
apartment is sold.
Because the
condominium’s power
is limited, it is a matter
of fiduciary duty to find
strong buyers, said Carl
Seligson, the board
president of Carnegie
Hill Tower, at 40 East
94th Street. In any
given month, about
three apartments in
the 180-unit building
have not paid their
monthly charges on
time; none have
defaulted, he said.
Among the building’s
application
requirements are tax
returns, reference
letters and a full
description of all bank
accounts and assets. It
used to request board
interviews, but “we
eliminated the
interview process
because we didn’t
think it was necessary,”
Mr. Seligson said. To
limit transient residents,
the building also
requires that sublets be
for at least one year.
Condo board
requirements run the
gamut. At the Time
Warner Center, where
many buyers are
foreign, it is not
necessary to submit
federal tax returns. The
building does require
that in addition to
general liability
insurance of $1 million,
owners have a $5
million umbrella policy
to
Frank Cuneo Inside Vertical Living – July 2011 | Manhattan Real Estate is a Lifestyle™
cover any unforeseen
costs, like an accidental fire
or damage incurred during
a renovation. On the Upper
East Side, 215 East 80th
Street has a 67-page
application that requires
three business reference
letters and three personal
reference letters for each
applicant. And at Towers
on the Park, a
condominium at 110th
Street and Central Park
West, the application
packet requires potential
owners to list all assets and
two years’ worth of tax
returns, to be certified by
an accountant.

Some condo owners
purchase through a limited
liability company or other
business entity, and in those
cases a number of buildings
require that the principal
personally guarantee some
expenses, such as monthly
common charges and
assessments. In other cases
a condo may require a
security deposit, said
Ronald H. Gitter, a real
estate lawyer. “In the past,
condominiums would just
ask for a simple financial
statement,” said a
seasoned broker, “but now,
due to the financial crisis,
even the most exclusive
luxury buildings are asking
for supporting documents.”
Dani Bar-David was
surprised that he had to
submit reams of financial
information when he
bought two Manhattan
condominiums as
investments. Mr. Bar-David,
who lives and works in New
Jersey, bought units at 360
East 88th Street and 372
Central Park West, where
the applications were 40
pages and 60 pages,
respectively. “They wanted
so much information, you
would think they were the
ones who were going to
own the apartments, not
me,” he said.
The Broker who
represented Mr. Bar-David
in the purchases, agreed.
“The paperwork was
extensive, especially given
these were condominiums,”
he said. It is the condo
boards, and not the
management companies,
that decide on the extent
of the application
package, said, the
president of Cooper Square
Realty, which manages 372
Central Park West and 360
East 88th Street. “Some
buildings are very
particular, while others that
are mostly investor-owned
have very general
requirements,” he said. On
the whole, “the general
flavor right now is that
condominiums are growing
more cautious.”
While it is still the exception,
some condominiums are
executing the right of first
refusal more readily, said
Stuart M. Saft, the chairman
of the Council of New York
Cooperatives and
Condominiums, a trade
organization. “In the last 12
to 18 months, I’ve seen at
least 10 situations where the
board bought the
apartment or designated
another buyer to buy it,”
said Mr. Saft, who is also the
chairman of the law firm
Dewey & LeBoeuf’s global
real estate department.
A Seasoned broker said,
“The brokerage community
is in la-la land if they think
that just because it’s a
condo, that every deal will
go through.”
When the broker is
representing sellers, he or
she makes potential buyers
submit a detailed offer
form, to ensure that they
are financially secure. “And
every time, without fail,
where the property is a
condominium, the first thing
we get is an angry
telephone call” from the
buyer’s broker “telling us
how dare we ask all this
information.”
But it isn’t just condos that
are being more cautious.
“Co-ops also are
strengthening their
requirements,” said Barbara
Fox, president of Fox
Residential Group. In fact,
the only building types that
don’t have excessive
application processes are
new developments, brokers
say. “Right now in New York
City, the only place that
you are not being asked
questions is when you buy
in new construction.






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