The recent transition at Court Street Bagels in Cobble Hill, Brooklyn, has left both its loyal customers and the local community in a state of bewilderment. For many residents, the beloved bagel shop seemed like a neighborhood institution, making the sudden change all the more perplexing. This unexpected shift is the result of a complex series of events involving real estate transactions and lease disagreements, ultimately leading to a new chapter for the familiar storefront.
The core of the Court Street Bagels situation revolves around the sale of 181 Court Street in July 2020 to Conway Capital, headed by Abe Cohen. This property sale acted as the catalyst for a chain of events that culminated in the departure of the previous operator, Mr. Eulo. According to sources close to the situation, and confirmed by Mr. Eulo himself, a combination of factors contributed to this significant change. Starting in 2021, Court Street Bagels reportedly fell behind on rent payments. This financial strain was allegedly worsened by a substantial rent increase imposed by the new landlord, Conway Capital.
Simultaneously, Conway Capital began exploring options for new tenants for the prime Court Street location. Adam Alsoora, a partner at Smith Street Bagels Brooklyn, a well-known competitor in the area, emerged as a prospective tenant. By May 2023, Mr. Alsoora secured a lease agreement for the space, contingent on Mr. Eulo vacating the premises. To facilitate a smooth transition, an agreement was reached between Mr. Eulo and the landlord. In exchange for leaving the location, Conway Capital would forgive the outstanding rent debt owed by Court Street Bagels. Following this agreement, Mr. Eulo handed over the keys on a Sunday, officially relinquishing control of the bagel shop to the new operator, Smith Street Bagels Brooklyn.
Perhaps the most surprising element of this transition was the immediate continuation of operations. The new management, Smith Street Bagels Brooklyn, decided to keep the bagel shop running under the established Court Street Bagels name, at least initially. This decision was made to ensure minimal disruption and maintain service for the Cobble Hill community. However, this swift continuation caught Mr. Eulo off guard, who was under the impression operations would cease, and in turn, surprised Mr. Alsoora of Smith Street Bagels Brooklyn, who had anticipated a more phased transition.
Despite attempts to reach Abe Cohen and Conway Capital for comments, they remained unavailable. As it stands, Court Street Bagels remains open and serving the Cobble Hill neighborhood, now under the ownership of Smith Street Bagels Brooklyn. While the behind-the-scenes story is filled with real estate complexities and unexpected twists, the immediate impact on Cobble Hill residents is that their local bagel options remain, albeit with a change in management to Smith Street Bagels Brooklyn. The bagel scene in Cobble Hill, for the time being, continues uninterrupted.
