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Docklands at 789 Franklin (near St. Johns) to become Bun Smith — Brooklynian

Docklands at 789 Franklin (near St. Johns) to become Bun Smith

whynot_31
whynot_31
edited April 2015 in Crown Heights/Prospect Lefferts Gardens
Approximately a year ago, Docklands opened for business: http://www.brooklynian.com/discussion/43927/docklands-is-finally-open/p1

As of 2/28/2015, the space is still open, but available for lease: http://www.loopnet.com/Listing/19119054/789-Franklin-Ave-Brooklyn-NY/

At a rental rate of $4600 per month, this represents a LARGE financial loss for the proprietor. There is no way he is going to recoup his investment on the property through that rent. I can only imagine that he is making the best of a bad situation.
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Comments

  • crownheightster
    crownheightster
    Huh. It looks like the business is for sale, no?
  • whynot_31
    whynot_31
    edited March 2015
    Yes, as I understand it, the new owner would need to pay the current owner $220k, plus $4600 a month in rent.

    I am assuming that the present owner is going to remain involved, because liquor licenses are not transferable.

    If the business is profitable (as stated), he could just be looking for an investor/partner, but my sense is that he invested way more than $220k to renovate that place and get it up and running.

    And, I see no mention that the new owner would have to share any future profits with the present owner.

    The present owner would just stick around as the liquor lic holder?
  • maggie
    maggie
    I believe the business owner is closely related to the landlord, which I would imagine changes the economics of the deal from the start. 
  • crownheightster
    crownheightster
    Ah, that makes sense. Maybe he's looking for a partner/investor so that the original wonder can get the capital to start a second business or something?! That is my glass-half-full interpretation...,
  • whynot_31
    whynot_31
    Yes, that does make sense.

    If he owns the building, he still owns the restaurant at the end of said lease.

    ...makes much more sense.
  • whatchuwant
    whatchuwant
    Huh, was it not popular? I'll admit, I always forget that place...have never been there, either. Which is annoying because I whenever I walk by I say to myself (or my husband) that we need to try it out.
  • suppleknuckles
    suppleknuckles
    yeah i guess i was never that crazy about it. it always felt like mayfield lite with less good cocktails
  • maggie
    maggie
    I admit that when I have a night out, I am less picky about the food than whether I can get a glass of wine I can truly enjoy.  Anyone tried the wine there?
  • Brooklyneya
    Brooklyneya
    I went once. Drinks were good and a great band was playing on a Wednesday night. Never went again as the yelp reviews discouraged eating there and I didn't like the layout of the place. Narrow with separated booths made it feel like I was sitting in a closet. The space would work better with a single bench along the left wall with small tables instead of the booths.
  • nickrovisa
    nickrovisa
    Went once and the food was actually (surprisingly) very good. Unfortunately the service was terrible and we haven't been back because of it. Too many good go-to's in the hood.
  • laura782
    laura782
    What new business invests all of that money into a location but then only signs a one year lease?
  • laura782
    laura782
    What new business invests all of that money into a location but then only signs a one year lease?
  • whynot_31
    whynot_31
    @laura782 - we believe that the person who owns the business, owns the building.   

    So, he may just be looking to escape working the number of hours it takes to run a restaurant.
  • goldemi1
    goldemi1
    The food was good as well as the cocktails and service when I went in the beginning. The owner (a woman) was wonderful. Unfortunately the layout was a bit claustrophobic and my little one wanted to keep leaving the booth to see what was going on. There's something about the storefront that makes you forget it's there.
  • whynot_31
    whynot_31
    edited March 2015
    Our confusion over the gender of the owner likely stems from it being run by a male and female couple.

    Both are the owners. I have not met her.

  • eastbloc
    eastbloc
    I have to say that small business ownership kind of seems like a nightmare.
  • whynot_31
    whynot_31
    edited March 2015
    I am pleased to report that a yet-to-be named entity is now in serious negotiations with the owner of Docklands.
  • whynot_31
    whynot_31
    Said entity has now go so far as requesting an intial kitchen inspection on the site.

    ...in this case, it is accurate to describe it as a "change of operator" inspection.
  • crownheightster
    crownheightster
    So, the plan is for Docklands to continue, just under a new owner-operator?
  • whynot_31
    whynot_31
    edited March 2015
    The new owner-operator may choose to rename the space and change the menu.

    (I do not know if a contract has been signed.)

    Also of note, the key money now sought is $180k
    http://www.loopnet.com/Listing/19119054/789-Franklin-Ave-Brooklyn-NY/

    Whereas when I started this thread, on March 5th, it was $220k.

    Note: It takes DOH a while to schedule a kitchen inspection. So, the potential owner could have requested one for a site they are merely interested in.

    ...one can always call DOH and tell them "um, nevermind, I am not going to operate this place afterall. It will remain with the present operator"
  • whynot_31
    whynot_31
    edited April 2015
    A cross section of businesses and residents have created letters of support for the new entity, which will be named Bun Smith.


    It would be an Asian Fusion restaurant, and would have to get a permit from scratch.
    Dockland's permit does not transfer.


    The concept is Korean fusion, and it would be owned and operated by Mr Moon.
    He might retain some of the Docklands staff. He has restaurant experience.
  • whynot_31
    whynot_31
    edited April 2015
    He will close 2 AM closing on weekend nights, and 1 AM on work nights.



    Kitchen will close 1 hour beforehand.

    The committee supported same.
  • crownheightster
    crownheightster
    This is exciting!
  • whynot_31
    whynot_31
    Docklands last day was April 24.
  • whynot_31
    whynot_31
    edited May 2015
    Some digging:

    Bunsmith LLC was formed in NYS on 3/31/2015
    http://legal-notice.org/llc-notice/ny/kings/2015/bunsmith-llc

    Nothing on the SLA site yet re: the alcohol lic: https://www.tran.sla.ny.gov/JSP/query/PublicQueryPremisesSearchPage.jsp

    Mr Moon bought a space with a DOH approved kitchen, so the ordeal of getting an inspection now that it is under his name should not be too onerous.

  • whynot_31
    whynot_31
    Screen shot 2015-06-17 at 9.44.34 PM
  • laudanum
    laudanum
    Temp Alcohol License is active.
  • whynot_31
    whynot_31
    edited June 2015
    I have that it is only pending.   He just filed on 6/3/2015.

    https://www.tran.sla.ny.gov/servlet/ApplicationServlet?pageName=com.ibm.nysla.data.publicquery.PublicQuerySuccessfulResultsPage&validated=true&serialNumber=1286531&licenseType=OP
  • nateasensky
    nateasensky
    There were people in there drinking last night.
  • Brooklyneya
    Brooklyneya
    It's fully open. Was busy tonight when I walked by. Thankfully the space looks more open than docklands was.
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