Now on the menu: Rosetta Stone for $2.9M
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
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.”