Foley’s on Broadway has been sold to familiar fellow Broadway business owners, the properties neighbor – Brad Cherevaty and Frank Doyle from The Fifth Element.
“We are very excited to have the opportunity to grow our business on Broadway. We look forward to working closely with the neighborhood and city officials to realize the potential of the space. We will have update as they come,” Brad Cherevaty, Co-Owner of Fifth Element, told What’sUpNewp on Wednesday.
The asking price for the property at 105 Broadway was most recently $1,250,000. The purchase price is not known at this time. 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 Can Be Done With The Property?
The property sits in Newport’s General Business (GB) zone, which allows for the best variety of uses.
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.
Property History
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 for a long time was Newport’s only downtown car rental agency.