The Fifth Element restaurant and bar, its liquor license (plus inventory, equipment, trademarks, etc.) and its adjacent property (known as Foley’s), which has been fully permitted for a 40-room boutique hotel, has been listed for $5.1 million with Teri Degnan Real Estate & Consulting LTD, according to a press release from Teri Degnan Real Estate.
“Opportunities like this don’t come around very often,” says listing agent and broker Teri Degnan in a statement. “Owning an entire city block on Newport’s thriving ‘restaurant row’ is once in a lifetime.”
Owners Brad Cherevaty and Frank Doyle opened the doors to the original Fifth Element on Thames Street 17 years ago and moved the business to its current location at 111 Broadway in 2010. “We started as two young bartenders without a care in the world who took a chance when an opportunity came along,” says Cherevaty in a statement. “We built this place from the ground up and it’s been a thrill to watch it grow and thrive.”
“We’ve been really fortunate throughout the past year that we’ve been able to quickly pivot and seamlessly transition our operations to comply with COVID guidelines. Those steps allowed us to successfully stay in business safely despite the crisis,” says Doyle in a statement. “We’re grateful to our loyal local customers who’ve supported us, especially over the past 11 months, and to our staff, who are the best in the business.”
Since opening the business, both Cherevaty and Doyle have both married and are raising young families. “Our lives look a lot different than when we opened. Since day one, either Frank or I have always been on the premises at the restaurant, if not both, and with the strength of our business and the robust real estate market, we think now is the time,” says Cherevaty.
In 2016, the duo purchased the abutting Foley’s garage property and in 2018, they won approval from Newport’s Zoning Board of Review to construct a 40-room boutique hotel on the site and above the restaurant. Permits including demo, foundation, building and utilities have been secured over the past three years and remain in place. Preliminary design and development plans are also available.
“We really believe in Newport, and investing in our city, and still believe a boutique hotel would be a valuable asset here on Broadway,” says Doyle. “We’d love to see a new owner take all the foundational work we’ve done and run with it.”
Degnan says that any local realtor would agree that the current real estate climate in Newport is exuberant. “Demand is off the charts. Properties are selling at lightning speed, typically with multiple offers above listing price,” explains Degnan. “People are investing in Newport and I wholeheartedly agree with Frank and Brad that now is the time to explore their options.”
“This is our community, our neighbors and our friends, and we’ll continue to be here throughout the process, business as usual,” adds Cherevaty. The Fifth Element will retain regular business operations and hours until otherwise announced.