Historic bar & restaurant Savoy Taproom in Albany for sale

Asking Price$375,000

Cash Flow
Not Disclosed

EBITDANot Disclosed

Gross Revenue$1,200,000

Inventory$50,000
Not included in asking price
FF&E$200,000
Included in asking price
The Bar
The Dining Room
The Dining Room
Back Patio
The Bar
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Historic bar & restaurant Savoy Taproom in Albany for sale


Asking Price$375,000

Cash Flow
Not Disclosed

EBITDANot Disclosed

Gross Revenue$1,200,000

Inventory$50,000
Not included in asking price
FF&E$200,000
Included in asking price
Business Description
Offered for sale is the Savoy Taproom at 301 Lark Street in Albany, New York. The bar and restaurant was first established in it's current garden level space on the historic and storied Lark Street in 1936 and was famous for it's singing bartenders and swinging ballroom through the 1950s. In the late 1970's it was purchased by Justin MacNeil and during the 1980s and 1990s was famous it's exceptional food, popular martinis and jazz music in the "Savoy Dining Room." The current owners took over the space in 2015, updated the space from floor to ceiling, brought back the original name, expertly crafted cocktails, great food and a regular schedule of live music to the neighborhood. The restaurant quickly became, and remains, one of Albany's top destinations for dinner and drinks with people from all walks of life. The dining room of the establishment was updated in 2020 and a lounge added at the same time. A large back patio was added in 2021. The establishment seats around 76 inside and doubles it's capacity with outside seating in the warmer months.
About the Business
Years in Operation
9
Facilities & Assets
All equipment, inventory, recipes, computer, systems, furniture, fixtures included.
Market Outlook / Competition
Savoy Taproom has been a fixture in the community since 1936. Well the Lark Street corridor historically has seen ebbs and wanes, the area remains vibrant, popular and there is no reason to believe that will not remain to the be the case for years to come.
Opportunities for Growth
The current owner has been splitting time between two establishments. A focused owner could likely bring back a schedule of live music and other events and grow business.
Real Estate
Owned or Leased
Leased
Rent
$4,500.00 per month
Lease Expiration
1/1/2031
About the Sale
Seller Motivation
Spend more time with family after a ten year run.
Transition Support
Arrangements can be made for support, training and consultation.
Listing Info
ID
2357204
Listing Views
1229
Business Location

Contact Seller

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Business Listed by: Jason Pierce

Listing ID: 2357204 The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness. See our full Terms of Use. Learn how to avoid scams.


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