Property prices on Lincoln Road could be close to yet another record.
Israel and Fred Berens, the owners of a building at 501 Lincoln Road, say that developers have offered them more than $40 million for their property. Their company has owned the property since at least 1972 (it was built in 1949.)
County records show that the two-story building is sized at 10,065 square feet, and sits on 4,987 square feet of land. If the Berens do have an offer of that size, the sales price could exceed $4,000 per square foot.
Yuca, the restaurant currently occupying the space, is fighting an eviction in a court case that is set to go to trial. They are paying less than $100 per square foot in rent, and haven’t paid $392,000 in payroll tax, according to a countersuit. Health inspectors shut the restaurant temporarily in 2009 after observing roach activity.
The highest price ever recorded in the area was last year’s sale of the building leased to American Apparel at 716-720 Lincoln Road for $34.5 million, or $4,969 per square foot.