Hmmm? Why is the Press writing about this? It wasn't news Thrusday
when TCN broke the story - Dan knew about this 2 weeks ago. This
isn't a story! (Just ribbin you pal :-))
As to another debate on this board - Fasano is convinced Madison
Marquette is here to stay (I picked that up in traderdube's post
when he spoke about the "new" Asbury Park redeveloper).
Here is the Press story. Note the comments after the article. One
of them is quite possibly the craziest I've ever read. Enjoy.
PRICE IS NOT DISCLOSED: Properties include Wonder Bar, Baronet
Theatre
Wonder Bar, theater to be sold
Posted by the Asbury Park Press on 01/20/07
BY NANCY SHIELDS
COASTAL MONMOUTH BUREAU
Post Comment
ASBURY PARK City developer Patrick Fasano said Friday he has
reached an agreement to sell four buildings, including the popular
Wonder Bar on Ocean Avenue, and the Baronet Theatre and Fast Lane on
Fourth Avenue, to Asbury Partners, the beachfront redeveloper.
Negotiations have been ongoing the past year on a price, and Fasano
said a settlement has been reached. He would not disclose the sales
price. The fourth property in the package is the F & H Paints
building at Grand and Monroe avenues.
Fasano said he made a deal now because Asbury Partners has brought
Madison Marquette, the national retail real estate specialist, in as
a partner to redevelop the entertainment and retail sector on the
waterfront.
"With Madison Marquette coming in and taking a lead role on the
beachfront, I felt it was in my best interest to cooperate with
them," Fasano said. "Before they (Asbury Partners) had Madison
Marquette, they had credibility issues.
"I've had three or four meetings with Madison Marquette, and I know
for a fact they (Asbury Partners) have them," he said. "Now Asbury
Partners has a partner with legs, and I want to get on their team
and work with them."
Fasano said he expects to close on the deal shortly, and if Asbury
Partners wants him to keep the Wonder Bar or Baronet Theater open,
he will remain as a tenant.
He suggested if the public wants the Wonder Bar to keep operating,
that people should contact both Asbury Partners and Madison
Marquette.
Larry Fishman, chief operating officer of Asbury Partners, said
Friday he could not comment.
"I have a confidentiality agreement until the deal is finalized,"
Fishman said.
Gary Mottola, a managing director and head of investments at Madison
Marquette, could not be reached for comment Friday.
"I hope they make a deal that's profitable to everybody," City
Councilman John Loffredo commented.
Patrick Schiavino, a partner with Fasano on the Wonder Bar property,
said Friday he was "disappointed" that a deal has been reached.
Debbie DeLisa, who owns the business with her partner, Lance Larson,
and with Fasano and Schiavino, said she was told about the sale last
Saturday.
DeLisa and Larson began reviving the bar late in 2002 under a former
owner. Fasano and Schiavino bought the property late in 2003. Their
liquor license is not part of the deal with Asbury Partners,
Schiavino said.
Schiavino said he had not been part of Fasano's discussions with
Madison Marquette. Schiavino plans to close the Wonder Bar March 17.
He said he believes the sale will go through in the next 60 to 90
days.
"I have a very bad taste in my mouth right now," Schiavino
said. "Yes, I would like to see it stay open, absolutely. What good
is it to have another vacant building down there? We did as much as
we could do, not knowing what our future is."
DeLisa said Friday many people are rallying on the Wonder Bar's
behalf to keep it open.
"I guess it's up to Madison Marquette," DeLisa said. "They're the
ones who are going to be in charge. Pat and Pat (Fasano and
Schiavino) said they're pretty solid businessmen, and they'll let us
stay because they're not ready for the property. It will look better
to have a viable business, not just an empty building."
The city had delayed using its power of eminent domain to condemn
the Baronet Theatre and Fast Lane since last summer.
Asbury Partners had asked the city to begin the eminent domain
process earlier last year, saying negotiations had broken down with
Fasano. Fasano bought the Baronet and Fast Lane for $575,000 each on
Dec. 22, 2005, from former owners Walter Burns and Maurice Roberson.
Asbury Partners' opening offer to Fasano was $390,000 for the Fast
Lane and $325,000 for the theater, according to city records.
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The guy made a deal for himself...plain and simple. If you don't
like what he's doing, then you should have taken a loan out and
bought the buildings yourself.
Yes, the guy sold out and it probably appears that he cares about no
one but himself but that's American capitalism. The governments
(state and national) are all about profit and there's no compassion
for anything else.
It sounds cynical but that's how this country functions and nothing
(placing emphasis) will ever change that unless you can match these
folks dollar to dollar.
Posted by: mystereo69 on Sat Jan 20, 2007 2:15 pm
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I really THOUGHT that Pat Fasano was a REALLY "Cool" Guy! But I
don't anymore!
He CAVED on his own Values, by selling the Baronet and Fast Lane and
other buildings to the Redeveloper ...Including the WonderBar! Then
left my Landlord, Marshall Sigman hanging by a thread almost alone
on that 200 Block, as well as a few other People left on that block
with residential properties. They now have very little hope of being
allowed to develop their OWN Properties into nice buildings that
would fit well into the "New Asbury Park". And a few hundred MORE
Tenants will be forcibly removed with a One Month Notice (Illegal)
which has already been verbally given to many of them!
Pat, you're a Coward with NO Guts at all! Or such an opportunist
that you're ONLY interested in YOUR own needs! True, Madison
Marquette was appropriated by Asbury Partners to develop the
Entertainment District which I personally have been bringing up at
City Council Meetings for 3 years that was being neglected. But you
had little or nothing to DO with that.
In fact, you've now bailed out on, and become a Traitor to, the
dozens of People illegally facing Eminent Domain in the City! You
personally told me AT the WonderBar about 1 1/2 Years ago that
you'd "Never give in to those Bums, Asbury Partners!" Well, you've
now proved that YOU can be bought, too, along with the Mayor, John
Loffredo and Jim Bruno on our City Council!
You should be ashamed of yourself as to how you bailed out on and
threw hundreds of Residents and Business Owners to the Wolves! And
went against your OWN Word in the Process!
This event has a Story which is commonly noticed in Asbury Park ...
Every Coward has a Price! At least Rita Marano has an excuse, she's
@ 77 years old!
Shame on you, Pat Fasano! You let Everyone down here except
the "Goliaths"!
You even Betrayed your OWN partners, Debbie & Lance, who put their
entire Lives and Blood, Sweat and Tears into the Wonder Bar for
years!
Steve Wider
Posted by: AsburySteve1952 on Sat Jan 20, 2007 10:44 am
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