From the building owner’s perspective, there’s plenty of time to work out a deal to save Chop Suey as a music venue said Scott Shapiro, owner since 2005 of the building that houses the Capitol Hill music venue and nightclub.
In February, the asking price for the business — not Shapiro’s building — had been $375,000, according to a listing on a real estate agent’s site found by CHS. The listing – for an “undisclosed bar and club on Capital Hill” – claimed Chop Suey grosses more than $903,000 annually. Capital, indeed.
In recent weeks, the asking price dropped to $99,950.
The agent did not return calls for comment.
Shapiro said the current tenant has “at least a few more years” left on its lease. The building, he said, already has a Class 1 hood, so a conversion to a restaurant would be eased, but that’s not necessarily what his investment company wants. While Shapiro said he’s not ruling out any prospective tenants, he’d like to see it remain a nightlife destination.
“We’d like to see it succeed and continue to use that space for music and things the community can enjoy,” he said.
If no buyer emerges, Shapiro said the standard commercial real-estate procedures would apply.
“If, for some reason, it doesn’t sell, we would re-lease it,” he said.
The 1937 building is just a hair more than 4,900 square feet. It sits on 5,250 square feet of land that current zoning would allow to host a 65-foot tall building. It’s across 14th Ave from the former Piecora’s where a six-story development is planned.
However, this isn’t yet another Capitol Hill moment where a cultural landmark must give way to development. Shapiro said he has no plans to do anything new with the building at this time.