Streetlevel: Caserta Vecchia Up For Sale
Caserta Vecchia may not be “family owned” for very much longer. The Italian comfort food spot, which opened at 221 Smith Street in 2002, was recently put up for sale. The asking price of $290,000 includes everything—the liquor license, chairs and tables, even the stoves. Does anyone know if this is related to a slump…
Caserta Vecchia may not be “family owned” for very much longer. The Italian comfort food spot, which opened at 221 Smith Street in 2002, was recently put up for sale. The asking price of $290,000 includes everything—the liquor license, chairs and tables, even the stoves. Does anyone know if this is related to a slump in business or the owners just moving on?
Caserta Vecchia Listing [NY Times] GMAP
I think the question of profits is tied into the amount of the lease… dontcha think?
Is a ballpark figure not even out there?!
Seriously, who cares if the company price tag was $300,000 or $300… If the rent is $10k/mo or $80k/mo — that makes a HUGE difference.
Whenever a restaurant is for sale, you have to question why it’s for sale.
The reason 99% of the time is because the current owners aren’t turning a sufficient profit.
Especially in this down economy, the last thing I’d do would be to purchase a restaurant.
The market value of the lease would be the difference between a lease signed in 2002 and a lease signed today for the same space. I dont know what that number is, but I wouldnt be surprised if it was half of present market value w/ 7 years or so remaining.
I too hope this doesn’t mean a change to the restaurant itself! It’s such a nice place. Consistently good food and really charming staff.
And what would the market value of the aforementioned lease be, perchance?
My instinct is that the main cost is the market value of the lease. However, it’s value is dwindling by the day.
Good food, douchebag free crowd, hope nothing changes.
Umm… if someone buys it, it might not go away. Isn’t that the point?
What’s the rent? 🙂
This is one of my favorite places, too. Very good food and a great staff. It’ll be a shame to see it go away, quietly into the night.