A full-page advertisement published in today’s Lake Worth Herald:

801 Lake LLC Press Release

We are pleased to list the property at 801 Lake Avenue for sale at $1.3 million. The renovation spared no expense and we were honored with an award by the city. We are still proud of our work. Our pride, however, ends at our property line.

Downtown Lake Worth is plagued with retail vacancy while surrounding cities are booming and we think we know why. Near zero interest rates have changed the real estate discussion from “what does it make” to “what is it worth” and the citizens of Lake Worth are pawns in this financial chess game. Ideally, none of this matters to hardworking people who aren’t speculating with real estate, but in this case it has ruined the downtown. If you only care about market value, then perversely vacancy is preferable to reduced rent because vacancy is assumed to be temporary. The town, meanwhile, has suffered.

When our tenants told us that they were struggling, we cut their rent in half. We liked them when we signed the lease and we still do. Their business would be in much better shape if the downtown wasn’t half empty. The staff is lovely, the atmosphere is inviting, and the cafe has excellent coffee and seating. A neighborhood bookshop is a treasure, but you need to use it or lose it.

The decision to sell the property comes from our frustration with other landlords tolerating record vacancies. As capitalists we will not tell them what to do with their investments, which is a favor that is unlikely to be returned. Once our tenants leave we intend to take over their operating LLC and focus the business on serving food to the less fortunate for one penny per serving. There are no laws dictating minimum restaurant prices and everything is registered to their LLC which can be transferred without municipal review.

We hope to contribute the space to an established charity on a free or nearly free basis while the property is for sale. Due to legal complexities, any offer must be approved by our legal counsel in their sole and absolute discretion. Charities please inquire at 801LakeCares@gmail.com for more information.

For offers on the building please contact Bob D’Arinzo.

Cell (561) 662-8370
BobPier@Hotmail.com

For a wonderful afternoon please visit The Book Cellar at 801 Lake Avenue in Lake Worth.

Whilst on the topic of The Book Cellar enjoy the blog post which follows. . .