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Bluepoint restaurant (1299 Penn Ave NW) was never really on our radar, although we did write about their opening. We used to hit that location for a beer or two back when it was John Harvard’s, but never visited it as Bluepoint. Still it was a surprise to us this past Friday morning as we ran by and noticed that the restaurant was gone and the space is now papered by Vornado as being available for rent.
Internet searches didn’t produce any info on when this restaurant closed; the Post’s Going Out Guide still has their fairly positive review on Bluepoint up on their site. Did any of our readers frequent Bluepoint? Does anyone even know when it closed?
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I get the feeling that, much like what became of Les Halles’ former space, the rent on this location is somewhere between ludicrous and downright mean. That’s the problem with massive real estate companies like Vornado: they have no interest whatsoever in building or sustaining local institutions, so they’re content to charge double rent for space that’s only occupied half of the time.
If the space is indeed the Bermuda Triangle of DC restaurants, make no mistake – it’s because Vornado is cashing the rent checks.
Eli – that makes absolutely no sense. Vornado is a publicly traded REIT that lives and dies by FFO (Funds from Operations) and NAV (Net Asset Value) growth. REITs like Vornado need to have their space full and paying rent otherwise they won’t be able to pay dividends and will see their stock price depressed by analysts who don’t understand real estate and downgrade them. A depressed stock means no follow on equity offerings which means no more acquisitions/development. VNO would love more than anything to have that space leased.
I went there a couple of times, the kobe beef burger was great, but there was hardly ever a crowd and they would randomly close down as a result. The closing has to have been within just the last week or so.
Fairly Accurate Rumor: The national management of BluePoint was going to try something “new” in that place — even placed want ads and hired new staff, but then decided to close it completely and focus on their much more successful DC location – Bar Louie.
I went there a couple of times and I really liked it, but I’m not too shocked that it’s closed. The expenses must have been huge, considering the quality of the food, the skill of the staff, and the prestigious location. The problem is, the revenue model for that kind of place is probably about 20% romantic dates, 80% corporate expense accounts — and except for the lobbyists, no one has a expense account right now.
The nail in the coffin is that even though the address is great, the layout is terrible, with just about the most-obscure street visibility imaginable. Vornado has to build the space around (1) Warner Theater, (2) the corner entrance at 13 & E/Penn that both Warner Theater and the law firms on the upper floors need, (3) the huge, fancy lobby that the above clients desire, complete with a convenience store, escalators, and water art, and (4) that oddly shaped Potbelly’s. Vornado did a wonderful job on 1, 2, 3, & 4, and should be applauded for it — but it’s clear that the BluePoint location was priority #5.
Cursed. I see some boutique place serving $40 gourmet sliders that will fold after 18 months. That or a cupcakery.
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Whoops, I didn’t even notice that – and I walked by that site on Friday, as I work in that building!!! I was just thinking, “Hmm, I’ve never been to Bluepoint – maybe I should try it.”