Asking price for Quincy's is $299,000, but that is negotiable. The bar is being offered for sale as a turnkey opportunity, meaning that the kitchen equipment and many flatscreen TVs will convey with the business. Quincy's has an outdoor patio, as well as the potential use of the building's rooftop, for those aspiring restaurateurs and bar owners out there.
37 comments:
No one wants this as-is. These people have already declared bankruptcy so I suppose are protected against their debts and they have many. They'll have to host an auction for all this stuff and there's no way what's there is worth anything near the asking. They screwed up the building by moving the entrance on the side next to that disgusting "patio" which isn't an amenity it's a joke. I wish Hard Times corporate could have taken this over. Someone with experience will hopefully go in there and with the right concept, could crush it. Great bones in that building and best parking in town.
+1 for Hard Times coming back.
Quincy's other locations are pits and this one's owner is known as a first-class jerk. Not at all sorry to see this go.
Dyer scoop.
Dyer shill.
Dopey poster.
100% sure that, if true, they would have the first 18 year lease in the history of commercial real estate
Why don't the non-Arnie owners buy it and try again sans Arnie? That door needs to be moved. The door is ridiculous and that step to get in and out is terrible. They have some handicap customers so I never understood....well...anyway
They had a nice build out and lots of TVs. Where'd they go wrong?
7:01: I wouldn't bet my life on the 18-year number either, but I can say that Giant had a 99 year lease at the Westwood Shopping Center, until Ahold gave it up.
The bar was very very nice. The problem was there was no loyalty because the manager/owner wasn't hospitable but he was in the hospitality business.....
Arnie is suing for defamation at the encouragement of his buddy Benny. I think Bethesda Mag may be involved in that because they were deleting all comments about Arnie. Bethesda M probably won't even report this story!
Bethesda Beat will report on this. They should credit Robert for the scoop.
The funny thing is that Benny was caught on Bethesda M's comments berating and degrading a former employee who stated he would sue Benny. Birds of a feather, flock together!!
@725 - that seems much more believable as the state of MD prohibits lease term of 100 years or more. Just saying, if not 100% sure, why put it in another otherwise useful & informative post?
8:16: It's one of many relevant points for any potential buyers. I think a business that lied about the length of the lease would get into trouble, so I'm not sure they would do that. There are tenants at Bethesda Row who have had leases that are more than 10 years, like Landmark Bethesda Row Cinema.
@7:37 I checked the MD court case and I don't see any cases with Arnie listed. I looked with Feinman as the last name and "A" as the first initial. Is his legal first name something different?
I also checked for cases against the publisher of BM, but also didn't see anything listed.
Robert: Who is the seller? The landlord, or the owners of Quincy's, or the bankruptcy trustee?
I'm guessing it's the bankruptcy trustee, which is how they're able to include the equipment inside also. What's happening here is the trustee decided the way to get the most money back for creditors is to sell the space instead of the equipment inside of it separately.
The 18-year lease is essentially a leasehold. Treat it like buying the property, but you have to give it up in 18 years or renegotiate by then. That's how Giant got a 99-year lease too. More common in the UK, but not unheard of in the US.
That's because it's all bull. Last name is spelled Fainman. But I suspect you won't find anything under that correctly spelled name either. Man, I wish he and his buddy Benny would just move out of the area and leave people, who just want a nice evening out, alone rather than staying involved in hospitality the worst industry for inhospitable people like them.
Certainly the seller can't be the bar. They got nothing and owe the landlord 400K roughly and have in fact filed bankruptcy. They are screwed and this is enough money that it'll likely pull their other stores down along with this one. If you have an average at best product and not enough money to support troubles like these, the restaurant bar business is tough which is one reason they fail so often and so quick.
Bethesda Magazine also deleted comments about Steamer's that alleged illegal activity there. It's not about protecting specific individuals.
@835 - that is fine - all I am saying is there is no such thing as an 185 year lease. Many, if not all, grocery stores have 20 year initial leases with multiple 5 year options. They could also have 10 year options. But there is no scenario where someone would have an 18 year term on their lease.
Did they take over an existing lease?
@8:41 Whoa boy, Fainman is no stranger to the court system! He's got 2 pages of listings in there. Turns out he used to live down the street from me too. He's seen it all, from liens placed on his house when he didn't pay vendors, to fines for leaving a dog unattended in a car, to being sued by ex-employees. He even used Greenberg and Bederman (remember their ads on TV?) to sue someone for damages but the court dismissed that case.
However, the only open case is where he's being sued for breach of contract by what looks to be a business partner (first name Hector). He's not listed as a plaintiff in any active cases.
Here's a link if you want to do your own search: http://casesearch.courts.state.md.us/casesearch/
Hector was the would be chef!! That whole fiasco is why the place was delayed in opening. Oh geez Arnie... what was Quincy's thinking by bringing him on????
@11:04 The case was filed on 11/22/16. When did the "air conditioner" problems start?
Hector filesd for breach of contract, breach of fiduciary duty, and something about accounting. The pre-trial hearing is 6/1 at 10:30am in Courtroom 3E (North Tower) with Judge Debelius. Dyer, you gotta report on this! It'll be entertainment for all!
10:42 - what I meant by not finding anything was referring to any open case of alleged defamation. That part is all bull. I'm not surprised he's been actively involved in the legal system otherwise though.
Robert should also take his video camera and get some soundbites from Arnie This is better than Judge Judy
Now that would be a great " man on the street" segment. Arnie would be seen yelling, grabbing the camera breaking his never lit cigar in half and screaming he'll sue. I'd pay money to see that.
Regarding the lease: they probably have a 10-year lease, with two 5-year options, for 20 years total. Based on how long since they took over and started work on the space, 18 years left (counting the options) sounds about right.
3:56: Sounds right to me.
Quincy's opened - July 22, 2016
Suit filed - November 22, 2016
"Temporary" closure due to "A/C failure" - first week of March 2017
Now I am starting to wonder why Bethesda Beat hasn't reported on this. They have in the past. A lack of an article now that this is for sale is curious.
"Asking price for Quincy's is $299,000, but that is negotiable. The bar is being offered for sale as a turnkey opportunity, meaning that the kitchen equipment and many flatscreen TVs will convey with the business. Quincy's has an outdoor patio, as well as the potential use of the building's rooftop, for those aspiring restaurateurs and bar owners out there."
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A sale with no seller listed? That's curious.
I wish Hard Times would come back as well.
Also I was told by Quincy's in North Bethesda as well as the one in Gaithersburg has banned Arnie from entering,
Let's see how long that ban lasts. I was under the impression he didn't have a piece of the other locations just Bethesda. The ban won't matter in another sense because the Rockville location will not be open for long. It's awful and so is they center they're in.
5:23 - And by the way, I remember my buddies telling me they were in Rockville location and saw Arnie in there fighting with patrons. No wonder he's banned. Prize shit bag he is.
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