Arsenal Street Diner, which opened in August 2013 at a former Pizza Hut building between two auto shops, has been put up for sale by owner Phillip T. Kane for “personal reasons.”
Mr. Kane, who spent more than two years renovating the building at 821 Arsenal St. after leasing it in 2011, asserted Wednesday that his decision to put the building up for sale “had nothing to do with traffic or customers.” The building is owned by investment firm KAD Realty LLC, Alexandria Bay.
The business was listed for sale Oct. 18 by Sutton Real Estate Co. of Syracuse on behalf of Mr. Kane. As the leaseholder of the building, Mr. Kane would sell the building’s equipment and lease agreement to its new owner under the transaction. A sale price was not disclosed by Sutton in the listing.
“Business has been really good here. We have a lot of really good customers and are always picking up new ones. But the reason we’re selling it has nothing to do with the business — there are personal reasons,” said Mr. Kane on Wednesday, declining to provide further details about the decision.
The business opened with 11 full-time and six part-time employees, but it is now staffed by seven part-time employees, Mr. Kane said. He said it will remain open until it is sold by another restaurateur, which he hopes will happen “as soon as possible.” The homestyle restaurant — open seven days a week — has drawn the most traffic on Fridays, Saturdays and Sundays, he said.
“Monday is the slowest day of the week, and every day is a different adventure,” Mr. Kane said. “September is always a slow month for us, but that was expected.”
Before the 2,600-square-foot diner opened in the summer of last year, Mr. Kane told the Times he spent more than two years gutting its interior and installing new kitchen appliances. He did not disclose how much was invested in those renovations.
Robert C. Nelson, associate broker for Sutton, said Wednesday that several prospective buyers have already expressed interest in taking over the fully-equipped restaurant, which has seating for 84 diners. He said the real estate firm will also be advertising the business to regional and national restaurant franchises.
“We’re less than a week into this and we’ve already gotten inquires,” Mr. Nelson said. “And we’re not surprised, because there’s always a lot of interest in food and beverage opportunities like this. This is a truly turnkey operation with all of the furniture and equipment in it. It allows a buyer to come in for a low initial investment and walk into a business that has an immediate income.”
By Ted Booker, Times Staff Writer