Babalu on Gay Street closing for the second time
KNOXVILLE, Tenn. (WATE) — After nearly a decade on Gay Street, a Latin-inspired restaurant is closing for a second time.
Babalu posted on Facebook that their last day will be June 29. This is not the first time the restaurant has closed. In 2020, the previous owners, Spell Restaurant Group, closed the Knoxville location amid the COVID-19 pandemic. A few months later, Maple Hall acquired the restaurant and it reopened in February 2021 with a re-vamped menu.
Could the University of Tennessee leave the SEC? Lawyer explains new state law
It is with deep appreciation and sadness that we share this difficult news: After nearly a decade in downtown Knoxville, and four unforgettable years under our ownership, Babalu will be closing its doors on June 29th.
We are deeply grateful for the memories, friendships, and meals we've shared with the Knoxville community. As we enter our final month, we invite you to stop by, raise a glass, and help us celebrate the incredible team and community that made Babalu so special.
Babalu owners
'A hard business' South Knoxville restaurant to close after 8 years
Babalu opened its Knoxville restaurant at 412 South Gay Street in 2015.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hypebeast
an hour ago
- Hypebeast
Jordan Brand Unveils Western-Inspired Air Jordan Mule in Bold Cow Print
Name:Air Jordan Loafer Mule 'Cow Print'Colorway:TBDSKU:IB1497-001MSRP:$145 USDRelease Date:Fall 2025Where to Buy:Nike Jordan Brandis stepping outside its usual playbook with the release of the newAir Jordan Mule'Cow Print.' Following the earlier drop of the silhouette in a sleek 'Black/Metallic Silver' finish, this latest edition brings a bold, fashion-forward twist to the beloved mule. The standout feature is the brown and white cow print upper, replacing the typical glossy patent leather with a textured, hairy finish that gives the shoe a Western-inspired edge. A metal Air Jordan plate stitched across the vamp adds a premium touch, while the chunky matte platform midsole offers both support and elevated style. Designed with a backless, slip-on construction, the mule is ideal for on-the-go wear, blending comfort with statement-making aesthetics — perfect for elevating a look or for casual wear.
Newsweek
2 hours ago
- Newsweek
How Austin Is Navigating the Post-Pandemic Housing Hangover
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Home prices are once again falling in the pandemic-era boomtown of Austin, as the Texas city continues experiencing one of the most dramatic corrections in the country. The median sale price of a home in Austin was $560,000 in May, down 4.6 percent from a year earlier and from $575,000 in April, according to Redfin data. In May 2022, when home prices reached their peak in the city, a typical home in Austin would cost buyers an average of $667,050—more than $100,000 more. Despite facing lower prices, buyers in the city are staying put. Home sales in Austin declined by a staggering 12.9 percent year-over-year in May. A total of 853 properties went under contract that month as mortgage rates still hovered around the 7 percent mark and economic uncertainty grew across the country. Not only were fewer homes in the Texas capital sold that month, but those that managed to find buyers waited an average of 48 days on the market before the deal was closed, 6 days more than in May 2024. Nearly 40 percent of homes sold (37.1 percent) had price drops. By comparison, home prices continued to rise at the national level last month (up 1 percent year-over-year), while home sales decreased by a more modest 5.9 percent compared to the same period a year earlier. Photo-illustration by Newsweek/Canva "What we're seeing in Austin is a necessary and overdue normalization after an unprecedented period of price acceleration during the pandemic. It is a return to sustainability," Emily Girard, chief executive officer of Unlock MLS and the Austin Board of REALTORS, told Newsweek. "We've come off a period where double digit annual price increases weren't a viable option for the long-term health of our market. This recalibration was expected and welcomed many buyers who were previously sidelined." How Did Austin Get Into This Mess? In the years following the outbreak of the COVID-19 pandemic, the Austin metropolitan area, which includes Round Rock and San Marcos, experienced significant growth, dramatically reshaping its housing market. Thanks to its relative affordability, high quality of life and thriving job market, the city has long been one of the fastest-growing in the country, adding nearly 1 million new residents every year between 2020 and 2023, according to data from the U.S. Census Bureau. All these newcomers needed housing, and when historically low mortgage rates spurred a homebuying frenzy across the country in the pandemic years, Austin quickly found itself short on inventory. "In 2021 during the pandemic, more homes were sold in the Austin-Round Rock MSA than ever before, and sales dollar volume yielded more than a $23 billion impact on the Austin-area economy," Girard said. "The pandemic led to increased demand as buyers in the market had more disposable income and reevaluated their needs in a living space after spending months at home," she said. "That, combined with record-low interest rates at the time and an Austin economy that continued to make major company relocation announcements regularly, led to more homes being sold and prices increasing to an unsustainable level." What Is Happening Now in Austin? The story of the Austin housing market "is basically the same as the national story, just a bit more dramatic," Joel Berner, senior economist at told Newsweek. "Following the peak of the pandemic, there was a major run-up in home prices amid record-low mortgage rates as buyers rushed to snatch up homes," he said. The median listing price of a home in the Texas city jumped from $369,745 in April 2020 to $625,000 in April 2022, marking a 69 percent growth over just two years. Inventory plummeted during this period, contributing to sending home prices through the roof, but recovered quickly to pre-pandemic levels by 2023. "Since then, inventory has continued to grow year-over-year," finally slowing down the vertiginous growth of home prices in the city, Berner said. According to data from the number of active listings in the Austin-Round Rock area reached 12,525 in May, the highest figure on record since the company began tracking data in 2016. "The correction has come for Austin sooner and more significantly than the national housing market," Berner said, alluding to the recent surge in inventory across the country. In May, there were 2,027,277 homes for sale in the United States, according to Redfin, representing a 13 percent year-over-year increase. Sellers currently outnumber buyers by 500,000 in the U.S. housing market. While Austin has gone from boom to bust in many ways, experts say that the city's housing market is far from crashing. Dwindling sales and falling prices are just a sign that Austin is reverting to being "a normalized market," Girard said. "The demand for homes in Austin is still there. At the same time sellers are adapting to buyer affordability challenges in a higher interest rate environment," she said. "Just last month, pending home sales in the Austin-Round Rock-San Marcos MSA jumped 16.1 percent in May, showing that buyers are still very much engaged when prices meet the market," she added. "Sellers are still reaping significant returns, up to 30 percent more than they would have five years ago, even after adjusting their list prices by 7 to 10 percent to reflect today's interest rates." What Does This Mean for Buyers in the City? And Sellers? "For buyers, this is one of the most favorable environments we've seen in years," Girard said, referring to the Austin market. "Buyers have time to shop, compare and negotiate—luxuries that weren't available during the pandemic boom. They're in the market with more intention and more options, especially with increased affordability for first-time and moderate income homebuyers." Jeremy Knight, an Austin-based realtor at The Knight Group, told Newsweek that buyers in the Texas capital are finding very affordable homes at a time when many across the country are struggling. About 59 percent of the homes that sold last month were under $500,000, he said, and 45 percent were under the national average of $415,000, "which means more buyers are finding affordable homes." Knight said that many sellers are still hoping to get the prices they would have fetched in 2022 for their properties, but that is no longer possible. "Some sellers are being smart about pricing and those homes are selling. Unfortunately most realtors are having a hard time both pricing homes to where the market is, and having that hard conversation with their sellers about price," he said. "So, is this the boom hangover? For sellers, it is," he added. "For buyers that want to take advantage of the market and are not scared or understand that rates are high, but they can get a great deal on price and potentially get more closing costs from the seller, this is the time to get great deals." Where Does This Leave Austin? The unfolding correction is "a positive shift" for Austin, Girard said, "and one that supports a healthier housing environment for the long term." According to Knight, home prices in Austin are expected to continue declining this year. "That's because in the last half of the year we always have more inventory. And if you ever look at the seasonal bell curve in Austin's selling season, prices always come down in the last half of the year," he said. However, there are many buyers on the sidelines, which could alter the current market's dynamics if given the chance. "If we do see rates come down in the last half of the year, you'll see more closed numbers and buyers frantic in the market," Knight said. "I don't think prices will shoot up. Prices will flatten out and buyers will still get good deals," he added. "So, I'm projecting a strong last half of the year in sales. We could see positive year-over-year numbers closer to the end of the year if rates drop into the 6.5 percent or lower range." Next year, the city could potentially see home prices going back up, so buyers should take advantage of this moment, Knight said—even if double-digit hikes are likely a thing of the past for Austin. "Buyers are going to say, 'Oh, I should've bought last year.' But positive year-over-year numbers aren't going to be the same numbers as we saw in 2021-2022. Nothing like that," he said. "But, most likely in the 3-5 percent range. Which is what Austin typically saw before the pandemic."
New York Post
16 hours ago
- New York Post
Life Time athletic club opening at 452 Fifth Ave.
The owners of 425 Fifth Avenue, aka 10 Bryant Park between East 39th and 40th streets, landed another big catch at their tower where Amazon recently signed for 330,000 square feet — and it all started with a game of pickleball. In one of Manhattan's largest retail-space deals this year, burgeoning 'athletic urban country club' Life Time signed for 52,000 square feet on four levels, including in the soon to be vacated, 17,000 square-foot Staples store. It will open in early 2027 behind a prominent Fifth Avenue entrance. The Life Time deal all but completes the leasing picture at the 865,000 address, which consists of three formerly separate structures that include the 10-story Knox Building. Advertisement 4 425 Fifth Avenue, aka 10 Bryant Park between East 39th and 40th streets, center. Google Maps Life Time has 180 clubs in the US and Canada. Chief property development officer Parham Javaheri said 10 Bryant Park checked all the boxes for what he wanted in Midtown. 'We want to serve both our residential and commercial cores,' he said. 'Although the location is obviously more commercial, there's a lot of residential growth nearby as well.' Advertisement Life Time, founded by chairman and CEO Bahram Akradi, has seven other Manhattan locations, two in Brooklyn, and another coming at the supertall Brooklyn Tower condo project. Javaheri said, 'We want to grow methodically. Meaning, we want destinations that let us stay true to what Life Time is, and they require a lot of space.' In fact, several others in the city are even larger than at 10 Bryant Park with 80,000 square feet each. The 10 Bryant Park edition will boast a luxurious, co-ed 'wet' suite with steam rooms, saunas, hot tubs and cold plunges; a workout floor with best-in-class cardio and resistance-training equipment; a recovery space with massage chairs and body-compression technology; and a half-dozen boutique-style studios for group fitness formats. 4 A rendering of the Life Time athletic club location at 10 Bryant Park, which is expected to open in early 2027. LIFE TIME Advertisement Eli Elefant, CEO of 10 Bryant Park landlord Property & Building Corp., said, 'We had the privilege or repositioning the building in a post-Covid world. It gave us the ability to reimagine what a commercial building can look like in a challenging environment.' Elefant said, 'When we lost our big bank tenant, HSBC, we got all their antiquated space back. Our thought was to lean heavily into the tech sphere and market the former bank space to big users and we were ultimately successful.' With the Amazon deal, the 30-story tower's office floors are 100% leased. What he called a 'blank slate' after HSBC decided to move to The Spiral in Hudson Yards also suggested the need to deliver what Amazon and many other 21st Century tenants want: a spectacular 'wellness' amenity. 'We didn't just want to build a gym,' Elefant chuckled. 4 Eli Elefant, center, the CEO of 10 Bryant Park owner Property & Building Corp., and Life Time chief property development officer Parham Javaheri, right, bonded over their vision during a pickleball game. LIFE TIME Advertisement Introduced by brokers, he and Javaheri first met on Oct. 17, 2023. 'We talked about a lifestyle-physical concept,' Elefant said. 'I said, 'Why don't we meet for a workout?'' Javaheri recalled, 'We played pickleball at 1 Penn and at Sky on West 42nd Street. Eli told us what his vision was for a strong amenity. We formed a good friendship.' 4 A rendering of the interior of the announced Life Time athletic club at 10 Bryant Park. LIFE TIME The competition 'was a great way for him to humiliate me,' Elefant laughed. 'But I'm a firm believed in personal synergies' in a changed real estate market that needs to be 'less sharp-elbows than collaborative, although I'm not sure everyone got the message.' Atlantic Retail's Joe Mastromonaco represented Life Time and JLL's Patrick Smith acted for the ownership. Property & Building's parent company owns 14 million square feet of buildings in Israel, but 10 Bryant Park is the only one in New York it wholly owns although it has discreet investments at others.
