Bringing the Year to a Closing!
MIDDLETOWN: When the owner and operator of a neighborhood tavern died in 2020, he left a 70-year legacy of good food, good drink and good times behind. At the age of 88, Carl Bachstadt passed away with no successor or succession plan in place to keep his namesake, Bachstadt’s Tavern, 8 Bray Avenue, Middletown, Monmouth County, New Jersey open to the public. Bachstadt was a proud Republican who devoted his life to serving and helping the party for 60 years. He hosted and sponsored events where First Lady Barbara Bush, Governor Christine Todd Whitman and Governor Chris Christie were present at Bachstadt’s Tavern for his support.
The 5,100 square foot tavern had been closed since Bachstadt’s death. In 2023, Bielat Santore & Company, Allenhurst, Monmouth County, New Jersey was awarded an exclusive listing by the Administrator for the Estate of Carl Bachstadt to sell the real estate and liquor license. Bielat Santore & Company is an established commercial real estate firm. The company’s expertise lies chiefly within the restaurant and hospitality industry, specializing in the sale of restaurants and other food and beverage real estate and businesses. Since 1978, the principals of Bielat Santore & Company, Barry Bielat and Richard Santore, have sold more restaurants and similar type properties in New Jersey than any other real estate company. Furthermore, the firm has secured more than $500,000,000 in financing to facilitate these transactions.
“It was a interesting assignment,” states Richard Santore. “The establishment had been closed for over two years while the affairs of the estate were sorted out. Structurally, the building was sound, however its interior needed updating, including installing a new kitchen which Bachstadt had removed with plans of upgrading before he died.” The firm went to work right away to develop a hit list of its private client list to contact. “We had a deal within the first forty-five days of our listing. The purchaser was to contract the property as the back end of a 1031 exchange. The 1031 exchange could not be completed; so we had to start from scratch,” continues Santore.
But through perseverance, persistence and permanency, Bielat Santore & Company found a buyer as they always do. A local Monmouth County real estate investor purchased the real estate and liquor license. This investor has not decided if and when he will reopen the tavern. Other options include pursuing Township approvals for residential dwellings on the property. But for right now, there is new life at old Bachstadt’s Tavern!
