Noticing this morning that the recently shuttered Jack Falstaff is up for sale on Craigslist for about a half a million bucks ($495,000 to be exact), we thought the price a bit steep for the place. Then again, it includes a type 47 liquor license, which the ad says is valued at $80,000 to $100,000. There’s also a heated outdoor patio, the fully equipped restaurant, and, “Corner location with hi identity.” The ad claims the “owner” (presumably the Plumpjack Group) sunk $1.5 million into the property. All these numbers flying around got us thinking about another, similarly sized restaurant space on the market after the previous business closed. The old Whisper space, on which we reported back in April, still hasn’t sold. Fully $200,000 cheaper than Jack Falstaff, that Florida Street space also boasts a full-service restaurant, an outdoor area (in the form of a rooftop patio), and a type 47 liquor license. It’s actually bigger, at 7,500 square feet to Jack Falstaff’s 6,151.
So if nobody’s willing to shell out the $295,000 for Whisper, why should they be willing to part with $495,000 for Jack Falstaff? Both previous restaurants failed (or were at least purposefully closed because their owners didn’t find them worth it), and both have huge albatross potential. At least Whisper is something of a bargain. Jack Falstaff has that Ballpark-adjacent location, on which it can certainly capitalize, but that didn’t seem to do the Plumpjack Group any favors. Then again, Whisper will probably need significant renovation to take it from being an “ultralounge” to a tolerable restaurant space, while Jack Falstaff already looks pretty good. Still, if Craigslist business-for-sale ads are any indication, this is not a great time to be selling a restaurant, especially at a premium.
[Photo: Via Craigslist]