The Fifth Element has sold for $4.5 million, according to Teri Degnan Real Estate & Consulting LTD.
The commercial-retail property at 105-11 Broadway is currently the location of The Fifth Element restaurant and bar and its outdoor dining space, The Outer Element, as well as the adjacent property best known as the former home of Foley’s Garage. Included in the sale was The Fifth Element’s inventory, equipment, trademarks, etc. and its liquor license.
The buyers were represented by Lea Savas of Hawks and Company of Edge Realty RI.
The property was originally listed for $5.1 million in February.
“I’ve personally watched Brad Cherevaty and Frank Doyle build this business from the ground up, with Frank’s wife Anna spearheading the design and managing staff over the years,” said Degnan. “I know I share the sentiments of many of my local friends and neighbors when I say I’m excited to see what the next chapter of The Fifth Element holds. Congratulations to all involved.”
The Fifth Element shared the following statement on Facebook on Wednesday;
It’s official after 17 years, Brad Frank and I (Anna) are no longer the owners and operators of The Fifth Element. It’s been an amazing ride. We have made wonderful friends and been a part of many of your special moments in life. A big shout out to the best staff anyone could ask for. Thank you for that.Best of luck to the new owners. We wish you nothing but the best”.
Neither Teri Degnan Real Estate & Consulting or The Fifth Element publicly identified the new owners.
According to liquor license records with the City of Newport, the Class BV alcoholic beverage license was transferred in May from 2paddysandacanuck to Carpe Nocetem Restaurant, LLC (Derek Savas 15.5%, Sebastian Grasso 15.5%, Aryn Hawks 15%, Andrew Mazur 15%, Danielle Sestito 12%, Pasquale DeAngelis 12%, Dennis Savas 10%, and Marc St. Laurent 5%)