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Re: Is LITM up for sale for 1.5 mil?
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Quite a regular
 
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Haven't been in DTJC in while. Does anyone know if the sale took place?
Posted on: 2015/3/21 2:12
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Isn't the idea of an asking price just that - what they are asking, not necessarily what they are expecting? It's the starting point to a negotiation. They must be aware that they are unlikely to get offers at that price, but maybe one will come in somewhere in the ballpark.
Posted on: 2013/7/10 12:38
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Re: Is LITM up for sale for 1.5 mil?
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Not too shy to talk
 
Joined:
2013/2/12 1:13 Last Login : 2014/2/1 9:36 From Downtown Jersey City
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Well good for Jardiano. It makes sense.
Posted on: 2013/7/10 3:39
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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I would agree -- even if they have a very long lease at a great rent -- I can't really see it -- and already the sale listing says they have to pay a share of taxes -- whatever the rent, plus taxes, plus 1.5 mil spread over divided over the lease, plus insurance, plus, plus, plus ... seems like a NYC kind of price...
Posted on: 2013/6/24 19:49
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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With a sale price of 1.5M I wouldn't call the sale of LITM "imminent". More like doubtful.
Posted on: 2013/6/24 19:14
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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How fast do you expect them to turn around a new place? From all accounts they had a new tenant the next month and now it is renovating. IGTM cannot be used as an example of a store not being replaced, as the process of replacing it began immediately.
Posted on: 2013/6/23 13:29
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Re: Is LITM up for sale for 1.5 mil?
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Newbie
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Dolomoti IGTM closed April 30th and today's date is June 23rd (which is abt a week shy of 2 months since its closing date) so how is that "literally" just closing?
Posted on: 2013/6/23 12:10
Edited by ManateeIdol on 2013/6/23 12:31:23
Edited by ManateeIdol on 2013/6/23 12:32:01 Edited by ManateeIdol on 2013/6/23 12:33:29 Edited by ManateeIdol on 2013/6/23 12:34:36 Edited by ManateeIdol on 2013/6/23 12:35:14 |
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Quote:
"Ox" was replaced with "Box." "It's Greek" literally just closed, and (afaik) is being replaced. IIRC Rue Viet is in a spot that, for whatever reason, has seldom done well (though that could change). It's unlikely that taxes were responsible for any business closures -- e.g. "Greek" did not have a strong business, and may have charged too much. Small businesses in general often fail, and restaurants at a slightly higher rate (though not as bad as often presumed). Newark Ave and Grove Street are hardly turning into ghost towns over the possibility of an increase in taxes.
Posted on: 2013/6/23 10:53
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Quote:
MAE Ox? It's Greek to Me Nah Trang Cafe Nia Rue Viet
Posted on: 2013/6/22 0:06
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
Joined:
2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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The atmosphere in the Downtown Jersey City food district will definitely shift a bit with the imminent turnover at popular restaurant, gallery and bar LITM.
After a successful decade of serving cocktails and culture, owner Jelynne Jardiniano of Jersey City has put LITM at 140 Newark Ave. on the market with a $1.5 million price tag. Jardiniano started LITM only a year out of Cornell University, where she switched her studies from law to hospitality management after falling in love with Manhattan?s food and restaurant culture. Ten years later, LITM has branded itself as one of Downtown Jersey City?s most well-loved establishments and a key player in the area?s arts scene, holding monthly art exhibits and film screenings and hosting weekend DJs to entertain club-goers. Now, though, Jardiniano feels it?s time for a personal change. ?Seven years ago, I discovered a love for nature and animals,? said Jardiniano. As she found herself drowning in the hectic work schedule that came with LITM?s success, she decided to take one day out of each week to do something for herself. This is how Jardiniano discovered horseback riding and instantly ?fell in love? again. Later, Jardiniano spent six months caring for horses in France and knew the mountains, the ocean, and the French wine regions had to be her next destination. ?I?ve lived through the cycle of a neighborhood restaurant,? Jardiniano said. Now, she is ready to let one dream go for the chance at grabbing another. ?I?m just following a feeling,? she said. ?I?ll be going out with a lot of pride and joy for what LITM is and what it has become to the community.? Though she is uncertain about the future of the restaurant she created from scratch, she has only one request for its next owner. ?I can only wish LITM will stay the way it is,? said Jardiniano. ?I hope whoever takes it over will seize what it is.? http://www.nj.com/jjournal-news/index ... ersey_city_club_litm.html
Posted on: 2013/6/21 19:39
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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JC taxes are high, but compared to Maplewood, South Orange etc they are actually pretty damn low. That's no excuse for poor services and no reason not to try and keep them from getting higher, but relative to the area they are actually pretty reasonable.
Posted on: 2013/6/19 17:52
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Doom and gloom thing is far from reality, but the issue that he has raised is legitimate. Why are taxes so high, when we do not get excellent services in return? JC is not Millburn with excellent schools and on-demand trash pickup.
Posted on: 2013/6/19 17:34
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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in addition, there is a new place opening up where Ducky's was, as well as in the two spaces next to it, which have been abandoned for several years. Also, a knitting store opened on York Street recently, as well as retail space in highrises (i.e. Tilted Kilt). Fletch will continue to do this doom-and-gloom thing as he is posturing for his next run for Council.
Posted on: 2013/6/19 15:40
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Postponing it is a terrible idea, like postponing cancer surgery. The mess will only get worse. For everyone who thinks their taxes will go up there's someone already paying WAY more than they should be. What's fair about that?
Posted on: 2013/6/19 0:19
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Ducky's deserved to fail, but the DM liquor store was nice and unlike the place on Jersey you could get a six pack for under $10. There wasn't anything wrong with Pop's but there wasn't anything great about it either, just a run-of-the-mill dive bar.
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Posted on: 2013/6/18 23:23
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Those places were terrible.
Posted on: 2013/6/18 23:06
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Duckys Dumplings, the liquor store / grocery by Dixon Mills, and if you go back more like 4 years, Pop Merrigan's, but I don't deny that downtown has more options now than any time since I've lived here (about 10 years).
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Posted on: 2013/6/18 23:01
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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so Fletch, what would you in your infinite wisdom do that the Mayor-elect is not? I understand your mouth is full of sour grapes, but if you actually listened to the Mayor-elect (and Councilwoman-elect) you would know they recognize fully stopping it is not realistic. What they want to do is postpone it, which would have a positive effect as this would give time to improve areas outside of downtown (top priority), thus balancing the tax burden across the city. and please, enlighten us with what you would do that has not already been proposed beyond postponing the reval?
Posted on: 2013/6/18 20:25
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Perhaps we should have voted in another mayor that gets thrown out of bars.
Posted on: 2013/6/16 3:08
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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And Brightside and companion business Tommy Two Scoops both got flooded by Sandy, and both are back or coming back. I just don't buy that the tax issue is going destroy small businesses. In fact, I'm hopeful that our new administration will work to ease the pains of new business opening.
Posted on: 2013/6/16 0:39
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Yeah, the number of places opening far exceeds those closing. In the past year or two, we've seen:
30 Acres Choc Au Pain Roman Nose The Bistro on Grove (opening soon) Orale Mexican Kitchen The Dopeness Wings to Go (their brick oven pizza is cheap and decent) Razza where Bar Majestic used to be Brightside Tavern Two Boots Kraverie I'm sure I've missed some. What has closed in that time that hasn't been replaced with something new?
Posted on: 2013/6/15 22:48
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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There seem to be so many new businesses opening up. I hear that the owner is just moving from the US. Maybe less Cassandra, huh?
Posted on: 2013/6/15 22:07
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
Joined:
2007/11/29 18:19 Last Login : 2015/7/15 3:35 From Jersey City, NJ
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Expect to see A LOT more up for sale.
People are going to be bailing on downtown because the Property Tax Revaluation is going to be taking place. Fulop promised he would do "what he could" to "stop it", but the reality is, there is nothing "he can do" to "stop it". And taxes for folks who have had property from the 80's and early 1990's are going to go through the roof. Pay attention to what happens come July 1st. This will mean more empty store fronts... and less businesses... and folks bailing out because of obscene tax bills. History is repeating itself. F
Posted on: 2013/6/15 21:56
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Re: Is LITM up for sale for 1.5 mil?
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Not too shy to talk
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It was a comment on another post that i agreed with. That's my personal opinion. I can get a taco and you can visit LITM every night if that's your choice. It's no big deal.
Posted on: 2013/6/15 2:13
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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I had no disrespect towards the bar. It was one of the few bars I went to when I moved here, along with Uncle Joe's. Even when I was broke they didn't care if I came in during the day and took a seat without ordering anything just so I wouldn't have to sit in my car all day. I'm not into crazy cocktails, but their beer selection is pretty decent.
Posted on: 2013/6/13 19:44
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Try the Kale/Brussel Sprouts salad. One of the best salads I've ever had.
Posted on: 2013/6/13 14:38
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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With all due respect, this place is busy most nights of the week. I am probably there once a week. They're one of the few places that has a creative cocktail menu and therefore a bar stocked with interesting ingredients. Their infused whiskeys and vodkas are tasty and less expensive than top shelf stuff. The food is solid and they have supported many friends of mine in the arts. Every place can't be everything to everyone - there are plenty of cheap places, and far fewer where you could take snobby NYC friends to convince them we don't live in a sewer.
Posted on: 2013/6/13 14:34
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Boohoo. Nobody forced them to open a business.
Posted on: 2013/6/12 13:59
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Just can't stay away
 
Joined:
2005/9/27 20:08 Last Login : 2022/9/6 11:43 From Historic Downtown
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I am sure its a simple calculation. My guess is that whoever rents the space pays 25% of the tax load on the building, and the entire SID bill. The SID tax is charged against commercial properties, so Steve being the good citizen that he is, and SID board member/officer, will surely pass these fees onto whoever rents the space. Actually a shrewd move considering the pending instability of those taxes.
Posted on: 2013/6/12 13:21
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Re: Is LITM up for sale for 1.5 mil?
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Home away from home
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Those who can afford it, can, if you can't you stay home and have tacos, and beer. That will leave you out of most places that have rent, employees, and costs of running a business to take care of.
Posted on: 2013/6/12 11:43
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