Giovanni’s Sale Complete
It took a number of months, but the sale of Giovanni’s Restaurant was finally consummated on September 7th, 2006 after the appropriate solemn ceremonies in the offices of Register of Deeds John LaFave. The sales price for the restaurant, which closed in July, was $1,200,000. the property, sold by Giovanni and Rosa Safina, was purchased by RR101 LLC and EK101 LLC. Each of the LLCs will maintain an undivided 50% interest in the property at 1685 N. Van Buren St.
A mortgage and construction loan with St. Francis Bank in the amount of $1,761,000 was taken out on the property by the purchasers, identified in documents as Edward T. Kileen III, of EK101 LLC and Randall P. Roth of RR101 LLC. The partners do business as Endeavour Development. They had announced their purchase plans some time ago, indicating that the deal would close near the end of the summer, with occupancy by the end of the year.
The firm had hired Eppstein Uhen Architects to plan a 5,000 square foot retail center at the site, but it looks like the old gas station building, formerly owned by Frank Balistrieri, and the site of the long-unsolved murder of Max Adonis, will remain standing. Contractors are busy clearing out the interior of the building, and a sign indicates that the property will be used as a copy shop. Yet another sign promises “new retail,” although it is unclear whether this refers to a new store, or a new building for a new store. It appears like the former is the case, for now.
Other Real Estate News
Five adjacent properties on two tax key parcels went on the market today in the Brady Street area. The four duplex (and one single family) residences are offered by Shelly Thompson of Ogden and Co. and are located at 1745, 1753, 1755 and 1761 N. Humboldt and 1036 E. Pearson St. The properties are across the street from the East Village Conservation Overlay District, and will be marketed to developers or individual investors. Developers could tear all the buildings down, if they chose, and could build a rather substantial property on the site. Or, the fully-occupied properties could remain, or be fixed up, or condominiumized or sold piecemeal. Anything goes in this real estate market.
The 1745 N. Humboldt and 1036 E. Pearson duplexes are offered at a total of $499,900; the other properties, all duplexes with the exception of the single family home at 1755 N. Humboldt, are offered at a total of $629,900, according to Thompson. The properties will be offered for view for the first time this Satuday during a planned open house.
This article was originally published by Milwaukee World.