Lido Restaurant in Hackensack sold to new owners
The new owners plan to make renovations to the restaurant and will continue to operate as Lido Restaurant once completed.
Lido Restaurant in Hackensack sold to new owners The new owners plan to make renovations to the restaurant and will continue to operate as Lido Restaurant once completed. Check out this story on northjersey.com: https://www.northjersey.com/story/news/business/2019/03/05/lido-restaurant-hackensack-sold-new-owners/3065943002/
Melanie Anzidei, North Jersey Record Published 12:16 p.m. ET March 5, 2019 | Updated 12:19 p.m. ET March 5, 2019
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HACKENSACK — Lido Restaurant, the iconic eatery that has been closed for renovations for several weeks, will reopen with new owners.
An unidentified pair of buyers bought Lido at 701 Main Street for an undisclosed sum, the real estate firm, NAI James E. Hanson, said in a statement announcing the sale on Monday.
The new owners, one who was only described as a general manager of a popular chain restaurant, plan to make renovations to the restaurant and will continue to operate as Lido once renovations are complete, according to the statement.
Dominic Fittizzi, the firm's associate vice president, represented the seller and former owner of Lido in the sale.
"Recognizing the market value as well as the sentimental value of this unique mixed-use property, we were able to leverage our experience in the northern New Jersey market and tailor our marketing strategy to attract a buyer that would honor these attributes of the property," Fittizzi said in the statement.
"We were pleased to work with our client to identify an ideal buyer who not only acknowledged the strong investment opportunity this property poses but will also carry on the legacy of Lido Restaurant for years to come," he continued.
The restaurant has been for sale for at least several months.
20022972A 09/29/16 Hackensack, NJ: "Old Restaurants" Lido Restaurant at 701 Main St., Hackensack, (Photo: JIM ALCORN, Copyright owned by Jim Alcorn; n)
A former listing for the restaurant on CREXi.com, which stands for Commercial Real Estate Exchange Inc., valued the property at "reduced price" of $1.5 million. The property was listed on that site in April, but that listing is no longer available.
The sale of the 5,000-square-foot, two-story mixed-use property — with Lido on the first floor, and two apartments on the second floor — included the restaurant's liquor license, the real estate firm said.
Rumors have swirled for months over the possible sale of the restaurant. On February 19, the restaurant posted on its Facebook page that it was temporarily closed. There has not been an update on the page since, and it was unclear how long the restaurant has actually been closed for. On Feb. 3, the restaurant posted they would be closed for the Super Bowl.
The restaurant has been described as a Hackensack classic with a twist of 1970's aesthetic. The family-owned restaurant has been in the city since 1956.
Over the years, the eatery has procured a strong following — with several news outlets, including NorthJersey.com, dubbing it one of the greatest "old-time restaurants" in New Jersey.
It sits on a four-way, K-shaped intersection where Johnson and Temple Avenues meet at Main Street. The intersection is next to Fairmount Park.
The restaurant, once called B&B Tavern, was purchased by the former owners in November 1956, according to the Lido's Facebook page. The family renamed it the Lido Bar and Grill after the Lido in Phoenix.
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