It boasts spectacular views of the Statue of Liberty and Manhattan skyline. It features original Civil War-era wood beams and natural oak flooring. But the best attribute of the two-and-a-half bedroom apartment available to rent at 275 Conover Street might very well be the Fairway Market located on the ground floor of the building. Found in the historic Red Hook Stores building, a 1860s-era warehouse with renovated loft apartments, the pad is asking $7,000 per month (grocery bill not included). As Brick Underground learned, that’s roughly two and a half times the median rent for a two-bedroom in the Brooklyn neighborhood.
Fairway Market in Red Hook via Cindy Day/Flickr
Though they once had ambitious plans to expand beyond New York City, Fairway Group Holdings Corp. is struggling with debt instead, reports Bloomberg Business. The company has incurred massive debt in order to finance its expansion plans and is in danger of default, according to analyst reports, and its “capital structure remains unsustainable.” In addition to putting the brakes on expansion plans, the company has been advised to close some stores outside New York.
Known for quality produce and well-curated private brands, Fairway Market stores are seen as perhaps the most representative of New York City when conversations turn to regional grocery loyalties. The gourmet grocery’s original store at 74th and Broadway on the Upper West Side, with its cramped-and-bustling atmosphere, is a cult favorite for Manhattanites. The 52,000-square-foot Red Hook location in an historic coffee warehouse, opened in 2006, is credited in part with anchoring that neighborhood’s renaissance.