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Now on the menu: Rosetta Stone for $2.9M



Published: Thu, May 6, 2010 @ 12:04 a.m.

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The Rosetta Stone, 110 W. Federal St., downtown Youngstown, is for sale. The owners are selling both the building and the business for $2.9 million.

By GRACE WYLER

gwyler@vindy.com

YOUNGSTOWN

The Rosetta Stone — a thriving restaurant that has been viewed as a harbinger for the revival of downtown Youngstown nightlife — is on the market for $2.9 million.

The property, located at 110 W. Federal St., went on the market Wednesday as a Howard Hanna Real Estate Services listing. Both the building and the business are for sale.

“We’re testing the market,” said Chuck Sop, one of the owners of Rosetta Stone. “We have had a lot of interest from people who want to get involved downtown.”

The restaurant continues to thrive and expand, Sop said. The owners still plan to open Vault, a basement nightclub below the restaurant, in June, he said.

He and his partners put Rosetta Stone on the market to see what kind of interest the restaurant would garner, Sop said.

“We’re not selling it to move on somewhere else,” Sop said. “We don’t know if we’re going to sell, but at some point, you have to test the [market] value.”

The property already has started to attract interest from local entrepreneurs and investors, said Gina Shutrump, managing broker for the Howard Hanna office in Canfield, which is brokering the sale.

“They are thriving right now; they are at the top of their game,” Shutrump said. “They want to put it out there and see what it can bring.”

According to the property listing, the business generates $1.2 million a year, and the Vault club is projected to earn $1 million annually.

The building’s three upper floors could be converted into residential units, which could generate around $20,000 per month, Shutrump said.

The price tag is reasonable considering the value of the business, Shutrump said.

“They would only look at offers in the price range of $2.9 million,” Shutrump said. “If they get a price of interest, they will sell, and if not, they will continue to run the business.”

Sop said the owners will continue to expand the business downtown in the event that they do not sell Rosetta Stone. He and his partners have looked into converting the top three stories into student housing and expanding the restaurant with a rooftop terrace.

“The building will only continue to become more valuable,” Sop said. “If it doesn’t sell, it’s fine with us. We think downtown is going to continue to grow and expand.”


Comments

1valleyred(1079 comments)posted 3 years, 11 months ago

If you read von, they are testing the market. They may or may not sell, and if they do sell, chances are the place is still going to be a restaurant.

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2onthetown(252 comments)posted 3 years, 11 months ago

meh.

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3Silence_Dogood(1216 comments)posted 3 years, 11 months ago

$2,900,000 Sounds like a deal. It will only take about 150 years to pay off the loan with the profits from the business.
These guys are full of cr@p if they think this restaurant is worth that price.

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4chuck_carney(499 comments)posted 3 years, 11 months ago

Remember there is some kernel of truth to every statement. Buy low and Sell high is the mantra of every real estate salesperson. Why would you go out and waste your time showing the real estate to with no compensation unless you have a willing seller.

The reason you list a property with the real estate broker is to sell the property. If you want its ongoing business value using the income or capitalization approach you retain the servies of an appraiser. Let's see: Brokers work on commission which leads me to believe Hoddy wouldn't take the listing unless there is some possibility of selling. Would the owner's refuse to sell if they received a cash offer of $2.5 million? I seriously doubt it. Selling is definitely on their mind even if in the back of it.

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5PizzaBoy(6 comments)posted 3 years, 11 months ago

Word on the street is Rosetta is sitting about $55,000 in debt with their food wholesaler. This is probably one of the reasons they are always out of what you want...Maybe not the best business to pick up at this time

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6RFederer(116 comments)posted 3 years, 11 months ago

2.9 million? Not for all the restaurants in the downtown. Dogood above is correct. It'll take you a couple of lifetimes to pay off that debt. You can't fault the owners for trying to sell when the iron is the hottest. There is a fool born every minute. Maybe in the valley it's even more often than that.

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7Ctown(115 comments)posted 3 years, 11 months ago

2.9 million is a joke. Even a third of that is too much. All you need is some thugs from the Southside causing trouble downtown and businesses will fold up in a heartbeat. Stay safe.......boycott Youngstown.

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8author50(1121 comments)posted 3 years, 11 months ago

They are a tad bit behind on their property taxes (about 4k).

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9walter_sobchak(1750 comments)posted 3 years, 11 months ago

The restaurant may be in downtown but the owners are living in Fantasyland! The business "generates" $1.2 million per year? What's the profit margin? Do they really believe the club will"generate" an added $1 million? Sounds like someone is trying to sell shiny new quarters for a dollar a piece.

One final question. HOw does one go about getting the Vindy to run a front page ad, er, I mean, story about listing a business for sale? P.T. Barnum was right!!!!!

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10onthetown(252 comments)posted 3 years, 11 months ago

"One final question. How does one go about getting the Vindy to run a front page ad, er, I mean, story about listing a business for sale?"

A week of 3-course dinner's and I'd consider giving it front-page treatment.

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11ts1227(137 comments)posted 3 years, 11 months ago

It doesn't hurt anything to put it on the market at a price like that. They don't really want to sell, but if someone is stupid enough to give them almost $3 million, of course you sell!

They either keep on keeping on with their restaurant, or sell it for that and make out like bandits. Seems like a win-win.

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12dawgalong(86 comments)posted 3 years, 11 months ago

I hope it is not in financial trouble. My family and I had lunch there yesterday and, as always, the food was great.
The problem is that there were only 10 customers in the place at the height of the lunch hour.
Like the rest of the posters, I agree that does not add up to 1.2 a year. I hope it stays open.

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13author50(1121 comments)posted 3 years, 11 months ago

I heard that the County was going to buy it in hopes of generating more "revenue streams".

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