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Re: Liquor License Cost & Availability?
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Just can't stay away
 
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How does financing work with liquor licenses?
Posted on: 2016/3/21 15:44
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Re: Liquor License Cost & Availability?
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Home away from home
 
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Good point...and it probably makes more sense to convert the retail level into a living space as has been done with so many other buildings in the area...because there's not enough foot traffic, especially during the day, to support a retail store.
Hoping that someone will buy the bundle and flip the lisence then the building. Not sure ho wrong he's owned the place for but it can't be easy working 365 days/year, no break, vacation, etc. Weird, though, because the For Sale signs were all removed a year or so ago.
Posted on: 2016/3/21 11:44
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Re: Liquor License Cost & Availability?
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Home away from home
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The $1.3M was the main stumbling block.
I was just there for drinks and he told me he was selling for 1.8. Like I said, after two rounds(of beer, not negotiations) my friends and I had chiseled him down half a million dollars and we weren't even prospective buyers. If the units upstairs are anything like the shape the bar is in, which I fully suspect they are, they'll need everything to be able to be sold/rented for market value. A million bucks is a lot of money. Even with a liquor license, I'm stuck on thinking about the nightmare renovation it would probably be. I don't know how fast you get your money back.
Posted on: 2016/3/21 4:18
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Re: Liquor License Cost & Availability?
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Home away from home
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@Easy Gibson....what dissuaded you from purchasing if you talked him down to $1.3. The property alone is probably worth $1m. Wouldn't you think? Corner location...retail on floor one and rental apartments above.
Posted on: 2016/3/20 22:19
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Re: Liquor License Cost & Availability?
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Home away from home
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Last time I was in Guillo's talking to him, he said he wanted 1.8 for everything. After two rounds we had him down to 1.3.
I'll bet if you showed up there with $900k in a duffel bag you could have the building. hah Please don't though, I love that place.
Posted on: 2016/3/20 22:07
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Re: Liquor License Cost & Availability?
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Home away from home
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State law sets the max number of distribution (liquor store) and consumption (restaurant/bar) licenses a town can issue based on the number of residents. I believe it is 1 D license per 10k residents and 1 C license per 5k residents. But it is up to the town's discretion for how many licenses they can issue.
C licenses also have restrictions on how far they can move in Jersey City (1/4 mile I think?), except any license can move to Restaurant Row. Also restrictions on how far away you must be from other restaurants (again, exception for Restaurant Row), and distances from churches/schools. So some licenses are worth more than others depending on location. It's also just up to whoever is buying it. I remember at our hearing watching someone else buying the same kind of license as me at twice the price and being kind of shocked. Towns can hold auctions for new licenses if they want. This is why some towns like Lyndhurst have super cheap licenses, while licenses in Montclair go for $3 million. Because Lyndhurst issues all licenses while Montclair doesn't issue new ones. Also why every bar owner in East Rutherford was outraged that Xanadu was going to get specially-priced liquor permits at $2k/year instead of the $500k+ market rate. I think Guillo's place is asking for something like $3.5 million for the license/business/building all together, which may be why it hasn't sold yet. They could probably sell the license and building separately, but having it all bundled together saves the time and hassle of moving the license which adds value. btw, when I was looking for licenses before we opened up, I think I saw bar licenses going for $130-$150k, but I believe the price has risen sharply with all the new bars opening up. Not sure what the market is for retail store licenses right now.
Posted on: 2016/3/20 21:03
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800 Craft Beers in stock!
www.thirstyquaker.com www.facebook.com/thirstyquaker www.twitter.com/thirstyquaker |
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Re: Liquor License Cost & Availability?
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Home away from home
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Thanks much for this info. The thing that got me thinking about this is that Guillo's Bar on Coles / 6th Street was supposedly up for sale a year or so ago. The building contains the bar on ground level with a few rental apartments above it.
The owner is aging, now walking around with a limp and a cane...and the place is open 365 days/year - he opens and closes it himself, no bartenders that I've ever seen. It's easily the sleepiest bar I've ever seen - with only have a half dozen or so bar stools taken on any given evening. No food is served and there isn't a single tap line for beer. Anyway, if I were sitting on a liquor lisence worth a minimum of $225,000....I'd think that there'd be a way to simply sell the lisence and then sell the building. But what do I know? I had thought that these lisences were a limited commodity and that pricing was always escalating.
Posted on: 2016/3/20 20:26
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Re: Liquor License Cost & Availability?
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Home away from home
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Quote:
Anyway, in NJ there aren't separate licenses for beer/wine/liquor, it's all under a single license. Though there has been talk about making a new type of license for restaurants. I forget exactly what it was. Anyway, the cost there might be right. I think they've gone up quite a bit recently. You can check craigslist or maybe ask this guy: http://newjerseyliquorlicensesareus.c ... or-licenses-pricing-page/
Posted on: 2016/3/20 18:28
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800 Craft Beers in stock!
www.thirstyquaker.com www.facebook.com/thirstyquaker www.twitter.com/thirstyquaker |
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Re: Liquor License Cost & Availability?
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Home away from home
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2014/9/16 19:15 Last Login : 2019/2/27 14:41 From Jersey City
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Quote:
Fascinating
Posted on: 2016/3/20 3:24
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Re: Liquor License Cost & Availability?
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Home away from home
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only $225k ?
I'll take two please.
Posted on: 2016/3/20 3:21
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Home away from home
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i read somewhere that some restaurants just get beer/wine licenses and sell fermented wines that have the taste of vodka and other liquors. i wonder if it would work in jersey city.
Posted on: 2016/3/20 2:09
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Liquor License Cost & Availability?
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Home away from home
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Just curious as to what the cost of a liquor license is and whether or not they are readily available or waitlisted here in JC? Found this info ($225K) though unsure of how relevant it is, thanks:
https://www.quora.com/How-much-does-it ... uor-license-in-Hoboken-NJ
Posted on: 2016/3/20 1:28
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