ALDIs coming to Hells Kitchen

Aren't you lucky! Hoping for one further downtown some day...The one I used to go to had an amazing cheese selection at amazing prices.

Yes their cheese section is great. Also cold cuts and chocolate. Decent selection of organic foods. They really have much better quality food products than you might think. Where they cut costs is headcount (many times I’ve gone into a Whole Foods or TJ and thought there were more employees than customers!), store decor (they can be pretty messy and chaotic) and rent, I’ve read most of their stores are significantly smaller than other grocery store rivals/chains so they pack a lot in a relatively small space, and obviously they avoid really pricey real estate like Manhatten, until now. I see plenty of Aldi tote bags in Manhatten so I feel there is definitely a following/demand for a store in the city and not suburbs.

I've got to give Aldi another try. Although I love a great deal, especially on a quality product. I have found their stores so depressing and chaotically organized.

The few times I've been to an Aldi's I have been underwhelmed.

It depends on each store. The one in East Harlem is pretty good but the one in Corona is awful. Also keep your eyes alert for Lidl which is opening more stores in Manhattan soon.

Thanks for the heads up about Lidl. I didn’t realize they had a store in Lower East Side. Not that close to me but glancing at their website and circular, their prices seem very good compared to WF and TJ. Definitely will check out that store in person

Now give us one in Midtown East also please

Opening soon 32nd & 3rd. I like them because they have some name brands.

That's very strange because it's exactly where Trader Joe's is.

>I've got to give Aldi another try. Although I love a great deal, especially on a quality product. I have found their stores so depressing and chaotically organized.

Yes! I went to one in NJ, what the heck was that?

>Also keep your eyes alert for Lidl which is opening more stores in Manhattan soon.

Or maybe I was in a Lidl. What's the difference, just move the letters around.

Didn't know abou that Lidl - also very good groceries and decent prices.

So, ALDI's is one of the three choices in the town closest to my current location (Walmart and Kroger are the other two, and all three are as close as any establishments can be to each other given the geography). I never even thought to give it the time of day, but I am now going to make a point of it on my next foray into town.

I went to Lidl for the first time…in Weehawken NJ and I was impressed! Their prices are similar to Aldi, that is, great prices, but the store is bigger and better selection. This store was also not as run down as many ALDIs I’ve visited. In particular, the bakery at Lidl is awesome, lots of little pastries and bakery items including savory things like little pizzas and cheese breads…really delicious for a chain grocery store. I got the impression the meat and seafood section was bigger than Aldi (still no butcher or fish monger). Dairy and produce sections similar to Aldi. And best part: if you download the Lidl app, $10 off $20 grocery order! And a free cookie! Second best part: no annoying quarter deposit for the grocery cart. And of course, since I was in beloved NJ, free and plentiful parking. I’m a Lidl fan for life!! And in guess you’re wondering, I’m not being paid by them for this post (although I wish they would sponsor me….)
Will need to check out the Lower East side location soon…but sans car!

Those Germans! They know how to engineer a great shopping experience for low, low prices.

More on Aldi from todays WSJ:

https://www.wsj.com/real-estate/aldi-nyc-times-square-7f1c0872?st=csgr1B&reflink=article_copyURL_share

30, it's opening across from TJ's in the old BB&B space. I'm going to try the Grand St. store later today. MCR gird your loins for your Aldi visit and bring your own shopping bags.

I just found out Aldi's delivers.

Prices for groceries are slightly higher if you choose delivery and of course there is the delivery fee and tips. Still, I found if you place a big enough order, it’s still cheaper than most brick-and-mortar food stores in Manhattan, in particular if you buy a lot of yogurt. The one time I did do online order from ALDIs, I was impressed how seamless the actual ordering process was, how quickly it arrived, and all the perishable items I bought had sell by/best by dates well in the future which I always like to check when food shopping. But I didn’t order fruits and vegetables, I’m the annoying guy who has to touch every peach and tomato before buying (in fact the fruit vendor at 8th Ave and W25th street in Chelsea snapped at me a couple months ago because I was grabbing 1 pound boxes of strawberries and inspecting from every angle to see if there were any moldy ones!)

Sounds like he had something to hide.

Went to the LIDL in Bergenfield. A little more chaotic and messy than the one in Weehawken. Also, many sale items were sold out which was frustrating. Still managed to buy a boatload of groceries for $25, that had I bought at Whole Foods, would have cost me $50. I was also pretty impressed by the employee monitoring the self checkout line, I think many grocery stores are phasing these out, one reason being shoplifting is much easier vs a real human cashier. But the employee caught someone who hadn’t scanned all their items in the grocery cart. I think it most likely an honest mistake, but it’s actually refreshing to see an employee carefully doing their job rather than staring at their phone (which makes shoplifting much easier when no one is paying attention).

I'm starting to think Lidl is cheaper than Costco although Costco probably offers better quality.

I think you’re right. Costcos Kirkland brand is very good. When I shopped at Costco, other than beverages, I never found their grocery prices any better than large chain grocery stores, but their Kirkland brand is better than most grocery store name brands. And I never bought anything else from Costco so the membership didnt seem worth it. But I was impressed when I found out Costco sells Gold bars. And apparently, you can buy prescription dog medication as well for great prices, which I find very hard to buy inexpensive. And I think you can get eye glass prescriptions filled there. It’s actually amazing all the stuff Costco sells and all of it pretty much excellent quality since it’s so hard to get your product into their store. You can get a lot done in one store visit.

Gold bars? Funny. The Economist just ran an article on an old investment strategy: 25/25/25/25 where you are equally invested in stocks, bonds, cash and gold where gold is supposed to be a hedge against inflationary cycles. Very expensive to get into these days.

Costco is good for hearing aides, so some say. Just not worth the schlep with multiple changes.

I get my glasses at Costco. Cheaper than Warby Parker but the frame selection is pretty staid.

It is so quiet here! News on our front: Our apartment is under contract. Anyone want to take the over/under on how long it will take to close?

Our buyers are a perfect fit. High income empty nesters.

Here will be the fun thing for spectators to watch: These will be the first buyers in our building's history to come in with 20% down. While we changed the financial requirements a few years ago, these are the first prospective buyers who will test whether the building is serious about the change.

Congrats! I think it’ll close by the end of the year. My impression is that these boards are driven by appearances, and it appears that the buyers are paying a higher price than you paid. High income empty nesters probably means they have the money but just don’t care to put more than 20% down, which the board will begrudgingly accept.

Any idea why they don’t want to put in more cash? Knowing nothing, I’d guess it’s a case of “I can make more elsewhere” and/or “I don’t want to realize capital gains by selling elsewhere”?

Yes - they don't want to put more down because they do not want to liquidate holdings. They have the net worth but feel their capital will earn a higher return elsewhere (including another piece of real estate they have in an area where real estate is more likely to appreciate in the coming years at a rate greater than NYC). They are not even close to maximum leverage on any other asset, so I suspect the board will be fine with it, but only time will tell.

And their debt to income ratio is low, while their cash flow is excellent. It should be a no brainer, but coop boards are not known for their brains. :)

A “no brainer” means no brain is required, so they’d be perfectly qualified!

Thanks for the details on the buyers’ background. Certainly a sign of the times that middle-aged people look at 6% risk-free after-tax and think, “Meh… I can do better.”