Orlando, who beat Bobby Flay in a Food Network competition in 2015, is looking to sell New World Home Cooking because, “I’m 57. But with Borenstein not getting any younger, like the famous “Jerry Maguire” saying goes, money talks. Now Borenstein tells perspective buyers, “Are you ready to be married to the business? You can’t walk away that easily.” She’s pursuing a well-capitalized buyer with a strong business background. Unnerved, she took the restaurant off the local market.Ĭurrently, it’s listed for sale on several New York City-based websites including LoopNet, BizBuySell and CoStar, and she’s pondering contacting commercial brokers in Dutchess and Columbia, located across the river and not in direct proximity. She saw her business start to sag, not a major downfall, but off 5 percent and started to get concerned. Rumors swirled that she was leaving, before anyone had even made an offer.
In a smallish city like Kingston, the word got out that Borenstein was looking to sell. “They knew nothing about the back of the house, how to handle a staff or inventory,” Borenstein says. But none knew how demanding and complex it was to keep a restaurant brimming with success. The buyers included a manufacturer, a couple in real estate and nursing, and a professor. “I don’t want to take back a failed restaurant,” she says. Three buyers came forward to look but none had restaurant experience or possessed sufficient capital to buy it, without Borenstein’s having to assume a promissory note. Close to two years ago, she met with a commercial realtor in Kingston and signed a six-month contract to sell the complex. Nabbing the right buyer who has the finances to pay $700,000 to Borenstein for the property, and not damage the existing business, is tricky. At the beginning, she wanted to ensure that her staff of a dozen or so including chefs (some of whom have been with her for 25 years) and wait staff was taken care of, at least for the first year or so, but now that no’s longer a prerequisite. And that doesn’t come easily in many cases.īorenstein, who just turned 72-years-old, sees Armadillo’s and the property above it that includes two apartments and the patio as her “nest egg.” The ideal buyer would be a person or couple with some restaurant experience that would like to walk into a successful, operational turnkey restaurant, she says. As baby boomers move into their late 50s and beyond and look to retire or move on, an increasing number of eateries will likely be placed on the selling block.īut finding the right buyer is a complicated endeavor that requires the right financing, background, and a meshing of owner and seller. Over a year later, both are still operating their eateries, unhappy with the buyers who have come forward. Or Ric Orlando and his wife Liz Corrado, who operate the New World Home Cooking, which has thrived since 1993, in nearby Saugerties.Īfter 29 years and 24 years, respectively, both owners recently put their restaurants up for sale. Take Merle Borenstein, who opened Armadillo’s Bar & Grill, a Southwestern eatery, in the then edgy Rondout area of Kingston, New York, in 1988, about 90 miles north of New York City. Charming Historic Home Near Waterfront Restaurants is stylish and bright and sleeps 6.Selling a long-standing restaurant is no easy task.The Stables is a 1 bedroom rental with a ton of character.Historic Stone House Lovingly Restored in Kingston Uptown is a renovated historic home dating back to the 1700s.Vintage-Inspired Revitalized Historical Bau Guesthaus is bright and airy with trendy decor.DeMew Townhouse is a renovated 1850s townhouse that overlooks a marina.Other home rentals that look great incude: We rented this charming house in nearby Bloomington and drove into Kingston every day, which is about10 minute away.Renting a house is also a great option for your trip to Kingston, NY, especially if you’re traveling with a group: If your budget doesn’t stretch to a chic boutique hotel, Kingston also has a Best Western Plus, a Hampton Inn, a Courtyard by Mariott and a Quality Inn and Suites.The Forsyth is a trendy B&B in Kingston that features a mix of new and vintage decor and furniture.This is where I’d like to stay next time I travel to Kingston! Hotel Kinsley is a stylish boutique hotel with a popular restaurant.There are a handful of hotel options in and around the Kingston area:
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