Jillian’s of Albany listed for $1.6M
As reported by The Business Review, Jillian’s is officially on the market.
It seems to be not the best investment of all time:
Spillenger paid $2.4 million to New Boston Albany L.P. for the property in January 2010. He, John Botti and Mike Diraddo paid $800,000 for the business in 2007. Spillenger has 81 percent ownership; Botti has 19 percent ownership. Diraddo sold his stake in 2009 and later opened Wolf’s 1-11 Restaurant & Games in Colonie.
The building itself is in great shape, the sound there is among the best in Albany for a live show, but there’s definitely a reputation about the place that they can’t seem to shake. Perhaps John DeJohn’s Legends on Pearl, which has flaunted the no-cover-ever-and-a-dj approach since opening, has taken a considerable amount of business away from Jillian’s, who constantly has a revolving lineup of live acts in there. Legends has absorbed almost all of the bro crowd on Pearl Street leaving a huge opportunity for someone to do something different that could be actually valuable to Pearl Street and Albany as a whole.