Prakas & Company is very excited to be featured in the South Florida Business Journal once again. This time it was in reference to one of the largest deals we’ve done to date – Madisons New York Grill & Bar. Thank you again to Matthew Arrojas of South Florida Business Journals for covering this story – you can find more of his work here.
A New York steakhouse owner has purchased a Boca Raton restaurant that’s now permanently closed, according to its website.
The ownership group of Madisons New York Grill & Bar announced that the eatery, which has been in operation since December 2013, was sold Friday. The deal worth $16.25 million included both the surrounding real estate and all assets within the restaurant.
The buyer is described as the owner of a “legendary” New York-based steakhouse. Owners of Madisons New York Grill & Bar declined to reveal the buyer’s name.
According to property records, the 2-acre property at 2006 N.W. Executive Center Circle also includes a neighboring retail building, which houses a Jared jewelry store. The store is a stand-alone outparcel, just like the restaurant.
Madisons New York Grill & Bar occupies the 7,000-square-foot building east of the jewelry store. The restaurant has the capacity for 240 patrons.
Tom Prakas of Boca Raton-based Prakas and Co. represented both the seller and buyer in the transaction.
This purchase from a New York-based restaurant operator is the latest in a slew of deals involving Northeastern restaurateurs either purchasing restaurants or leasing space to open new concepts in South Florida. The state’s lax Covid-19 restrictions and a recent influx of new residents from the Northeast spurred the development in South Florida’s food and beverage scene.
Some of the recent transplants include Major Food Group, the Ginger Cos. and Host Restaurants.
A New York steakhouse owner has purchased a Boca Raton restaurant that’s now permanently closed, according to its website.
The ownership group of Madisons New York Grill & Bar announced that the eatery, which has been in operation since December 2013, was sold Friday. The deal worth $16.25 million included both the surrounding real estate and all assets within the restaurant.
The buyer is described as the owner of a “legendary” New York-based steakhouse. Owners of Madisons New York Grill & Bar declined to reveal the buyer’s name.
According to property records, the 2-acre property at 2006 N.W. Executive Center Circle also includes a neighboring retail building, which houses a Jared jewelry store. The store is a stand-alone outparcel, just like the restaurant.
Madisons New York Grill & Bar occupies the 7,000-square-foot building east of the jewelry store. The restaurant has the capacity for 240 patrons.
Tom Prakas of Boca Raton-based Prakas and Co. represented both the seller and buyer in the transaction.
This purchase from a New York-based restaurant operator is the latest in a slew of deals involving Northeastern restaurateurs either purchasing restaurants or leasing space to open new concepts in South Florida. The state’s lax Covid-19 restrictions and a recent influx of new residents from the Northeast spurred the development in South Florida’s food and beverage scene.
Some of the recent transplants include Major Food Group, the Ginger Cos. and Host Restaurants.
A New York steakhouse owner has purchased a Boca Raton restaurant that’s now permanently closed, according to its website.
The ownership group of Madisons New York Grill & Bar announced that the eatery, which has been in operation since December 2013, was sold Friday. The deal worth $16.25 million included both the surrounding real estate and all assets within the restaurant.
The buyer is described as the owner of a “legendary” New York-based steakhouse. Owners of Madisons New York Grill & Bar declined to reveal the buyer’s name.
According to property records, the 2-acre property at 2006 N.W. Executive Center Circle also includes a neighboring retail building, which houses a Jared jewelry store. The store is a stand-alone outparcel, just like the restaurant.
Madisons New York Grill & Bar occupies the 7,000-square-foot building east of the jewelry store. The restaurant has the capacity for 240 patrons.
Tom Prakas of Boca Raton-based Prakas and Co. represented both the seller and buyer in the transaction.
This purchase from a New York-based restaurant operator is the latest in a slew of deals involving Northeastern restaurateurs either purchasing restaurants or leasing space to open new concepts in South Florida. The state’s lax Covid-19 restrictions and a recent influx of new residents from the Northeast spurred the development in South Florida’s food and beverage scene.
Some of the recent transplants include Major Food Group, the Ginger Cos. and Host Restaurants.
Source: Matthew Arrojas // BizJournals.com