Updated at 1 p.m. to clarify the contract terms that allow New York Sub Hub to stay in its Avenue C location for another year.
The University of North Texas has reached a deal for 906 Ave. C, paying $1.4 million for the New York Sub Hub and Naranja Cafe locations in order to avoid condemnation proceedings to acquire the property.
Hunter Christensen, the second-generation owner of New York Sub Hub, said the deal was brokered by his father, Kenneth Christensen.
“The rest of the family had no idea that an agreement was made and we weren’t consulted before signing,” Hunter Christensen said, adding that he was told he could fight for the store, which will likely remain open for a while longer. “We’re going to have to talk with UNT. It looks like we get a year after closing date.”
The younger Christensen had become the de facto spokesperson for all five impacted businesses after UNT sent offer letters last year.
UNT officials are also pursuing the properties at 903 Kendolph St., site of Eagle Car Wash; 902 Ave. C, home to Campus Bookstore; and 1000 Ave. C, the Oriental Express restaurant.
The UNT Board of Regents authorized the use of eminent domain in February 2019, which began the acquisition process. In June, Christensen’s family was offered $700,000 for their property. The owners of Oriental Express were offered $500,000. The car wash was offered $500,000 as well, and the Campus Bookstore was offered $800,000. None of the property owners accepted the offers.
Without counteroffers, UNT took the next step toward condemnation in October, sending out letters notifying the property owners as such.
According to the sale contract, UNT has agreed to make a good-faith effort to secure a lease for $1 with Hunter-Denver, the business name of New York Sub Hub, as part of the deal. The contract terms suggest that the property owners sought an opportunity to continue their venerable sandwich shop.
In another part of the agreement, the buyer and seller agreed to reduce the purchase price by $100,000 if the business stays open at the shop on Ave. C beyond the closing date without a lease.
Signature dates show the deal was reached in early February, with the earnest money paid to finalize the deal on Wednesday.