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Owner decides not to operate diner and sports bar– puts them on the market

Feb. 2, 2014 By Christian Murray

The former location of the M Wells diner and the adjacent sports bar is for sale.

The owner, who was about to open a new diner/sports bar at the site, decided recently that he didn’t want to go into the restaurant business. Therefore, he is has elected to sell or rent the 21-01 49th Ave. property, according to Jermain Miller, a real estate agent with Douglas Elliman, who is working on the deal.

The sports bar has been completely refurbished and has a liquor license. The sports bar is approx. 1800sf sports bar and could open next week.

Meanwhile, the metal diner, which M Wells was in until it closed in 2011, is about 80% completed.  This space is about 900 sqf and it would probably would take another month or two to complete.

The asking price for the sports bar/diner combination (as well as the news stand by the No. 7 Hunters Point Ave. train station) is $5.250 million. The sports bar/diner lease would be $18,000 per month.

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9 Comments

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Anonymous

Hefty lease for this location and given that one would likely want to adjust to own preferences rather than the owners built out. $5m for this place??? LOL!

Reply
Cory

If anyone wants to buy a working great reputatation restaurant fully operational brand new everything with a single digit rent and is serious call me to discuss it.
646 318 0359

Reply
LIC Dude

Sounds strange to go to all that work and then decide not to open. It’s not like it was a last minute decision to buy it, renov it and all that.

Reply
living here

Honestly, if you’ve ever seen the backside (north) of this diner, it’s right on the edge of a cliff overhang. It doesn’t look safe, and well not sure I’d be willing to take our family to eat there.

Reply
Dorothy Morehead

A liquor license does not come with a property. The new operators must apply to the State Liquor Authority for their license which is a multi-step process including fingerprinting and a community board hearing. The process cannot begin until there is a completed lease as that is part of the application. One month is an almost impossible timeframe to complete the process so even if the bar is ready for business, it would be illegal to serve alcohol until the license is in place.

Reply
LIC King

Wow! I was wondering what was going on there. Can’t wait to see who takes over. This is well needed in the area.

Reply
LICer

Wish this greedy landlord never find the buyer! He distroied the dinning icon in LIC and he deserves nothing back!

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