This follows the closing of several of his other eateries, including Goldenrod, in the former PJ Hanley space.
Obviously, McGown seems to have a penchant for pushing the envelope. In the case of Buschenschank, noise complaints, Buildings Department violations and illegal use of the basement as a music venue prompted Community Board 6 to disapprove a renewal of its liquor license back in 2014.
McGown's apparent financial problems are now prompting him to put the 320 Court Street building as well as several other properties in and around Carroll Gardens, up for sale in a “pre-foreclosure" auction which will be held at the Brooklyn Marriott Hotel on March 27th, 2015 10 AM. The auction is conducted by East River Mortgage Corp.
A description of the 320 Court Street building estimates its value at $9.4 million. It states that the storefront is owner-occupied and will be delivered vacant.
A PMFA reader sent me a copy of the "Terms of Sale" for the properties and notes that they are particularly interesting. The reader noted:
"I’ve been told that no one in his/her right mind would bid under such conditions.his “terms of sale” are that the “time is of the essence” clause applies only to the buyer, which as I understand it, means he can put of the sale as long as he likes (meanwhile holding on to the deposit!), and that he reserves the right to cancel any sale, which I think means that after the auction he can decide which properties he wants to close on and which he'll keep, using the money from the others to pay off his debts, “renovate", etc. All of which seems to me typical of the way he conducts business, and woe to any buyer who gets ensnared!"
Below please fine the terms of sale for the properties:
Below please fine the terms of sale for the properties:
Wow. That contract should include a psychological evaluation for the buyer.
ReplyDeleteThey sure packed it in yesterday for St. Pats. Guess that was "last call"!
ReplyDeleteWow, it was open yesterday? You probably are right that it was its last call. I received several reports in the past few days saying that it had been closed. I took the photos on Monday, and the entire place looked pretty cleared out.
ReplyDeleteit was closed cause they refinished the floors...at least thats what the sign said. odd thing to do if you are closing?
ReplyDeleteRefinishing the floor sure would not be my priority if I was auctioning off the building, but who knows.
ReplyDeleteIf I remember correctly St. Patrick's Day was the last day that Hanley's was open before it transformed into Goldenrod. They used plastic cups and the tables were gone. Probably a pretty good day to make some final revenue.
ReplyDeleteThis owner will not be missed, but decent German food will. I was only there when they first opened years ago (before all of the problems) and it was nice to get some good wurst.
ReplyDeleteApparently as of a few minutes ago. Buschenshank is still promoting events on their Facebook page. Asking people to come in for Happy Hour.
ReplyDeleteI checked it as well.
ReplyDeleteIt may stay open for a while longer, but since the owner says he will deliver an empty commercial space, and the auction is planned for the end of the month, it only seems a matter of time before t is closed for good.
He is such a terrible person and awful businessman that "Caveat Emptor" doesn't begin to cover it.
ReplyDeleteSounds like he is drumming up cash to flee the country.
ReplyDeleteThis guys Bankruptcies pale in comparison to what Lightstone stuck their creditors with; so lets share the shame spreading about the neighborhood.
ReplyDeleteHope it's for good this time.
ReplyDeleteUnfortunately for the people who would be so happy to see Buschenshank be a distant memory, that is not going to be the case. Buschenshank is staying for the foreseeable future. - an old bartender
ReplyDeleteJust wait until it comes to the actual foreclosure auction. Terms the are set by the court. This is a last gasp at control
ReplyDeleteLast night my husband and I noticed a black/blue odd colored light coming from the 2nd story windows. Very bizarre. Also, Didn't Pardon Me For Asking post pictures of giant jacuzzi sized tubs being delivered there recently? That place and that owner are creepy!
ReplyDeleteI wouldn't be so confident that place is going so quickly. Google his name and see the Eater and
ReplyDeleteCrain's articles regarding this so-called sale.
BTW- your blog mentioned in both articles.
The 'auction' being conducted by firm McGown owns.
I saw both articles. They picked up the news from PMFA, but credit goes to a neighborhood reader, who sent me the info on the auction.
ReplyDeleteI would certainly be careful dealing with McGown financially.
Nothing says "trustworthy auction company" like a Gmail address.
ReplyDeleteAnd what of the giant tubs? Pick one up on the cheap, perhaps?
I looked up 'East River Mortgage Corp" because I have never heard of it and they filed bankruptcy in 2012.... their address 31 Renwick St- googled it and James McGown came up at that address. So I guess thats his too. Could it get any more questionable?
ReplyDeleteIt sure is fishy, to say the least.
ReplyDeleteI see that the building is under contract to be sold now.
ReplyDelete