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Foreclosure Watch: Old County Road Empties Out

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This building at the north end of Old County Road has a half-empty front and the sign advertises spaces from 256 square feet to 6,000 square feet.

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The north corner of Old County and Rockaway Beach Avenue lost a clothing boutique recently and the second-story space above sits vacant.

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This former restaurant has been vacant for a while. It is for sale for $2.75 million, with plans for a massive new building on the site approved.

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Walk one block to the west onto Dondee Way and see a real sign of the times. This former jewelry store has a new office with a sign outside that reads "Bank Owned & Foreclosures...Ask for FREE List...No Better Time to Buy!"

monkframe 

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The sign says that Eureka Square is owned by Biagini Brothers of San Jose.

Eureka Sq. is owned by the Sanchez family, successors to Joe and Eldiva Sorci, who bought the center for cash in the late 70's.
The Sorcis, who are now deceased, were good landlords.
I'll leave the rest to your imagination.

What's going on at Eureka Square? They raised the rents, the dance studio has moved to South City, and everything between the yoga studio and the cigarette shop is empty.

In a better economic climate, I'd say they were planning to put a bigger tenant in. Given where we are now, though, raising rents seems totally suicidal. Anybody know what gives?

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