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On the Market: A Luxury Oyster Bar

Most unusual. We're gazing at this listing for an East Village townhouse this morning. Looks rather charming. But wait?this isn't just any townhouse. It appears to be the East 5th Street abode of Jack's Luxury Oyster Bar and, if memory serves, of the block's royal couple, Jack and Grace Lamb. The Lambs, as you may know, are the proprietors not only of Jack's but also of Jewel Bako across the street and whatever other haute dining outposts they've opened on the block as of late. Asking on this charming jewelbox of a townhouse is $3.5 million, but what we really want to know is, what the Jack is going on here?
· Listing: Jewel Box Restaurant Building [William B. May]

UPDATE: A highly placed source inside this city's real estate apparatus emails to call bullshit on the asking price: "This building is built 16x20 on the 1st and 2nd floors, and 14x20 on the 3rd. That?s only 920 square feet for $3.5mm! This broker has the balls to ask $3,805/PSF in the East Village? Really irresponsible brokers like this that should be dragged out into the street and shot. For the sake of ridiculing this listing further, the highest PPSF I can think of that has been paid for a (REAL) townhouse recently is 4 Sutton Place, which transferred on 4/26/2005 for $10,960,000 or $3,070/PSF."