Despite a year and a half on the market and several price reductions, The Woodshed Tavern, a local bar and grill, located on George Washington Boulevard is still without an owner.
William Galloway, broker and owner of Century 21 Galloway Realty, said the price of the establishment has been reduced from $399,000 to $362,000 in an effort to sell the property. This comes after a price reduction in March that lowered the sales tag from $500,000 to $399,000.
"I’m hoping to have something in hand as far as a purchase offer within the next two weeks," Galloway said.
Diane Broadwell, current owner of The Woodshed, decided to retire and sell the business in 2009. She originally chose to list the property at the higher asking price to feel out the market, but when the initial price proved too much for potential buyers, she chose to slash the price.
Between 40 and 50 interested parties have expressed interest in the property during the 19 months it has spent on the market. After the most recent price reduction, there was an uptick in interest in the property. Galloway said there have been three out-of-state buyers and one local party seriously interested in the property. Each of the out-of-state buyers have ties to Oswego State or the community. Galloway feels that the possibility of new owners recapturing the essence of The Woodshed is an important factor in the sale.
"We’re down in the range where other offers have come in… so we feel we’re in the right place now," Galloway said. "It’s an excellent time for the bar to open back up."
Galloway said he would like to close on the property before winter because it would give the new owners time to prepare for an opening during the coming spring semester. Even with a purchase offer, however, actually selling the property will depend on how the offer is structured.
The new owner would get to keep the Woodshed name, a full kitchen and equipment for food preparation, Galloway said. Built in 1972, the 3,300 square foot space has remained unchanged since it went on the market; however, it could be reopened relatively quickly. Broadwell is also willing to carry the financing and help the new owners get the establishment up and running again.
"(Broadwell) has done well over 30 years and it’s time for a new owner to do the same," Galloway said.
In the past, the bar was a favorite among college students due to its proximity to the Oswego State campus. Located on George Washington Boulevard, the property is less than a mile from campus.