PHILADELPHIA — City Councilman Allan Domb’s real estate company has purchased a building that once housed Tria at 23rd and Pine streets in the Fitler Square neighborhood of Philadelphia for $2.2 million.

In a separate transaction, Domb also bought the business and liquor license assigned to the restaurant from Jon Myerow, founder of Tria. How much was paid for that was not disclosed. Steve Balin and Justin Turner, local real estate investors, were the sellers of the real estate. Ken Mallin and Veronica Blum of MPN Realtyarranged both transactions, which were “complicated,” Mallin said.

While any deal can have its hurdles, this had the added burden of involving the sale of the business and liquor license as well as both parties struggling to settle on what they both thought was a fair price for the real estate. In what is simply a classic scenario in real estate and other business deals, the seller wanted more money for the property and the buyer wanted to pay less.

“It took us a few months to negotiate,” Mallin said. “We know all three people involved and have done business with them in the past but we had to negotiate something in which everyone was just a little unhappy. At the end of the day, that’s a good deal.”

Tria, a popular cafe that has locations in Washington Square West and Rittenhouse Square, had operated in the Fitler Square location for two years before closing this past summer. There is space for a 40- to 50-seat restaurant as well as room for outdoor seating. Domb is working on a filling it with another dining establishment. “I’m hoping to offer more comfort, casual food for lunch and dinner that is moderately priced,” he said.

While he has a restaurant in mind, he declined to divulge additional details at this point. An apartment takes up the upper floors of the building and that will remain unchanged.

Natalie Kostelni, Reporter
Philadelphia Business Journal

read full article