Rosita’s, with its bold and bright stucco exterior, has been a landmark on the waterfront of Kingston, NY and is now going to be purchased from Ulster Savings bank by New York City developer, Charles Blaichman. Rosita’s, formerly a Mexican restaurant, has been a money pit. It was shuttered when its owners couldn’t emerge from a $1. 33 million debt and filed for Chapter 11 bankruptcy. The building required expensive renovations after hurricanes Irene and Sandy, each time costing tens of thousands of dollars in repairs.
Blaichman wants to gut the building and turn it back into a restaurant, and managed to outbid the Hudson River Maritime Museum’s offer for the property. Rosita’s was listed on the market as having an $849, 000 value, but Blaichmen reportedly gave a higher offer. The deal is not yet finalized, and Blaichman says he is awaiting more information about financing.
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