Listing Number: 6842-71977
Description
Few restaurants adapted to the challenges of the last two years like this one, with 2021 sales back to pre-pandemic levels (averaging $200,000/month). The food is consistently great and the margaritas are among the best in NYC. Combine that with a staff that is warm, friendly, fun and attentive, add an atmosphere that is a celebration and you see why it has been a neighborhood favorite for almost two decades. Total seating is about 137 - 75 in the dining room, 8 at the bar, 18 patio seats and a 36-seat streetside shelter. The ground floor is 2,000 square feet with dining, the bar and kitchen. The basement is an additional 2,000 square feet of prep and storage (enough to add catering or a ghost restaurant). All equipment is owned and in good shape. Four Star reviews on Yelp!, Seamless, TripAdvisor, Foursquare and Facebook. The current owner is semi-absentee and is ready to move on to a new project so he has priced it to sell.
Hours: Monday-Thursday 11:30am–11pm, Friday 11:30am–12am, Saturday 11am–12am, Sunday 11am–11pm.
Strengths: Great reputation, including Four Stars on most review sites. Loyal, stable management team. Busy neighborhood location. Outdoor café seating. Includes long lease, FF&E & Leasehold Improvements.
Opportunities: Increase marketing and promotion. Improve delivery and takeout.
Lease: 2,000 sf on ground floor plus 2,000 sf basement for prep and storage. Rent is $24,000/month plus real estate taxes.
The Transaction: The deal structure will be an asset sale. The reason for sale is the sellers’ desire to focus on other business interests. Owner will train for four weeks at no charge. Asking price is $500,000.
Listing Details
- Price: $ 500,000
- Down Payment: $450,000
- Sellers Discretionary Earnings: $ 275,000
- Total Sales: $ 2,500,000
- Location: New York, New York
- Inventory: $ 10,000
- FF&E: $ 100,000
- Employees: 20
- Year Established: 2006
- Reason for Selling: Retirement.
- Category: Restaurants
