What’sUpNewp has learned that Foley’s on Broadway, located at 105 Broadway, is now under contract.
A binding contract has been signed, subject to meeting certain contingency conditions, and the seller wishes to solicit back-up offers.
While the contract and sale could fall through, “Under Contract” means that the sellers have accepted an offer from a buyer, but that the sale has not yet been completed. It typically it takes 30-45 days from the date an offer is accepted until the sales contract “closes” and the sale is complete.
The asking price for the property is $1,250,000. The building is 7,156 square feet and sits on a lot that is 13,500 square feet (0.31 acre).
Gustave White Sotheby’s International Realty announced the property was on the market in May 2015.
What’sUpNewp has reached out to the listing agent for comment on November 10th, no response has been received.
What Can Be Done With The Property?
The property sits in Newport’s General Business (GB) zone, which allows for the best variety of uses for a buyer/investor.
Potential uses, according to the May press release from Gustave White, could include an office building, transient guest facility, small boutique hotel/condominium space, or another fine restaurant to add to those already present in the immediate “SoBro” area.
Located in the heart of the city’s newly revitalized Broadway section, this is the first time this property has been available for sale since 1976 when present owners and brothers Bill and Mike Foley purchased it.
Built in 1940 and used for a multitude of purposes over the past decades, the property was rented, and then owned, by the Foley family since 1960 when John Foley (Bill and Mike’s father) established a full service Gulf gas station. The Hertz business began in 1965. Other uses included a Citgo station, the George Harrison Ford car dealership, and presently it is Newport’s only downtown car rental agency. There is also a tenant in place (G&S Automotive) that utilizes most of the rear of the building.