JAMESTOWN – A downtown restaurant location the currently hosts an Italian restaurant is seeking a new tenet.
An online ad was recently placed for the space at 2-6 E. Second Street, current location of the Fresco Pizza and Wings restaurant. According to the advertisement by Chautauqua 4 Sale realty group, a new tenant is being sought to take over the lease for what is described as a “turn-key Italian restaurant, full bar, and banquet facility.”
The ad was posted by realtor William Salter and can be found at Commercial4Sale.net.
Salter told WRFA Tuesday afternoon that until a new tenant comes forward, the owner of Fresco’s, Sergey Kodzayan of Erie, plans to keep the operation open. He also said that the new tenant would also be given the option of keeping the Fresco’s brand, or assuming a new name and theme.
According to Salter, the current lease agreement for the space is $2800 a month for the restaurant portion, along with another $400 per month for the banquet room. The lease ends in August 2019 but there is an 5-year extension option. In addition, Salter said that the building’s owner would be willing to renegotiate the lease as well.
In addition to taking over the lease, Salter says all the equipment, furniture, and inventory would have to be purchased at a cost of $35,000. If a new tenant wanted to continue alcohol sales they would have to apply to the state for a new liquor license because those are non transferable between parties.
Salter said that Kodzayan has expanded his restaurant operations in Erie in recent years and its become more difficult for him to also manage the lone operation in New York, which is primarily the reason for his looking to transfer the lease.
Fresco’s was opened in January 2015. Prior to being opened as Fresco’s it was temporarily Roberto’s and also the Fenton Grill.