Thanks to Paul from the Arts & Real Estate blog for the heads up.

He writes:

“The Fire House on North Cap that was scheduled to be turned into a restaurant (and XM radio sound stage) is for sale. It looks like it was bought for $600K back in March and is now listing it at $1.5M.”

More info can be found here. The Bloomingdale blog has tons more info.

Wow. I’d say this is pretty bad news. I thought this spot had the making for a great restaurant. But the price of $1.5 million seems insane to me. What are the chances another investor will purchase this spot for a restaurant or an art space?