Mega $17 Commercial Retail Property Sale – Madison’s Restaurant to Gallagher’s NY Steakhouse

Description

Address: 2006 NW Executive Center Circle, Boca Raton, FL

Prakas & Co. is proud to have facilitated the $17 million sale of Madison’s New York Bar & Grill property, an iconic Boca Raton mixed-use site. This monumental transaction included a 7,500 square-foot restaurant space, a high-income investment property (Jared Jewelry), and a large parking lot parcel with future development potential for a high-rise office or condo.

Key Details of the Deal:

• Buyer: Gallagher’s Steakhouse, an NYC institution known for its classic steakhouse experience
• Sale Scope:
  • 7,500 sq. ft. restaurant space (fully gutted and renovated by the buyer)
  • High-income Jared Jewelry building
  • Large parking lot for future development
• Location: Downtown mid-Boca, near Town Center Mall

Why It’s Notable:

This acquisition marked Gallagher’s Steakhouse’s entry into South Florida, bringing their legendary New York steakhouse vibes to Boca Raton’s bustling dining scene. Since opening, Gallagher’s has become a local favorite for lunch, brunch, and dinner, standing out among renowned neighboring steakhouses like New York Prime, Louie Bossi, Meat Market, Houston’s, Ruth’s Chris, and The Grill.

The success of this sale and subsequent development of Gallagher’s Steakhouse into a Boca Raton institution highlights the expertise of Tom Prakas and Chas Prakas, who represented both buyer and seller, facilitating seamless negotiations for this transformative transaction.

• Year built: 2023