REAL ESTATE
Historic Downtown property back up for sale as owners eye retirement
Lindy’s Diner, the building’s anchor tenant, will remain open until the property is sold
An iconic Route 66 property and staple of Downtown Albuquerque is up for grabs after decades owned by the same family.
The Bliss Building, home to Lindy’s Diner at 500 Central SW, hit the market for nearly $1.3 million in late March.
“It’s been a long haul, and we’re just kind of ready to retire,” said Steve Vatoseow, who owns the two-story building and Lindy’s Diner alongside his wife, Dawn Vatoseow. “Business is good, we love doing it, but there just comes a time in your life that maybe it’s time to do something else.”
Lindy’s Diner, recognized by the Food Network as one of the best in the country last year, will remain open for business, along with the building’s other tenants, throughout the listing process. Vatoseow said they’re just going to “check and see” what kind of offers they get.
It’s not the building’s first time on the market, as the Vatoseows previously attempted to sell it in 2024 for around the same price. A lack of serious offers prompted the owners to pull the listing, but this time, they’re hopeful they’ll have better luck.
“(The last time,) it was a hard time. It was right after COVID. Interest rates were really high and people weren’t really doing a lot,” Vatoseow said. “Now, things are starting to change a little bit. There’s a lot of activity going on Downtown, so hopefully a developer will come in here and want to do something with it.”
Some of the new projects coming Downtown include the conversion of the old Wells Fargo tower into mixed-use housing and the transformation of a vacant property known as the Gizmo building into an art hub.
Vatoseow said the upstairs level of the Bliss Building offers a similar opportunity for revitalization. As a former hotel, the space comes with 22 rooms “screaming to be developed into condos or apartments,” especially with Downtown’s need for more housing, Vatoseow said.
In addition to Lindy’s, the 12,859-square-foot building’s bottom level is also occupied by two apartments and two art galleries.
If the building sells, the future of these spaces is up to the new owner, Vatoseow said. If the new owner wanted to continue a restaurant in the Lindy’s space, Vatoseow said he’d be open to sharing recipes for some of the diner’s best sellers, but that he would likely retire the Lindy’s name.
“My dad started here in 1960 and it’s been in my family that long, so I’d hate to just leave it on the table,” Vatoseow said.
NAI SunVista Adviser Anthony Lotto, who’s handling the listing with Adviser Alexis Lovato, agreed with Vatoseow that now is a better time to list, citing the property’s Route 66 location amid the Mother Road’s centennial and a friendlier development environment.
“I know the city’s wanting to work and wanting to move forward with some projects, so I think this would be a really good thing for Downtown,” Lotto said, adding there might be some potential funding sources from the city.
The building still has a lot of life left in it, Vatoseow said, but the couple is ready to relax, spend time with their family and let someone else shape the property’s role in Downtown’s revitalization efforts.
“It’s been quite a ride,” Vatoseow said.
Kylie Garcia covers retail and real estate for the Journal. You can reach her at kgarcia@abqjournal.com.