(Credit: Gordon Woodworth, 2023)
Steve's Place interior.
Steve’s Place, the longtime diner on Broad Street in Glens Falls, is for sale.
The 100-seat restaurant and the deep, 1.7-acre lot it sits on are listed for $1.499-million by Anthony Sabatino and Charles Curto of Hanna Commercial Real Estate. The restaurant is 4,272 square feet.
Steve’s Place opened in 1968 as the Double V Dairy Twist. Current owner Chris Vamvalis-Haley grew up serving ice cream cones at the eatery and became a partner in 1979.
“It’s grown ever since,” Vamvalis-Haley told FoothillsBusinessDaily.com.
“It’s time,” the 68 year old said. “I’m older, and I want to still have my health when I retire. I’ve worked hard. I want to live a little.”
Realtor Sabatino said the restaurant’s net operating income “supports the asking price.”
“It’s a profitable, good business,” Vamvalis-Haley said. “Everything is here. We just put a new roof on, we have two new walk-in coolers and there’s a lot of firepower in the kitchen.”
He said there was some interest in possibly building a multi-unit apartment building on the site, but “that wasn’t well received by the City because of traffic concerns.”
Still the location is great, and the parking lot has at least 100 spaces, Vamvalis-Haley said. The property is a mile from I-87 Northway Exit 18.
The Hannaford supermarket is across the street. The Walgreen’s is next door on the west side of the restaurant, and the Broad Street Commons affordable housing complex, with 71 new units, is on the east side.
Sabatino stressed that Steve’s Place is a “turn-key operation,” fully functioning as a popular breakfast and lunch spot in the City’s West end.
“Business is great,” Vamvalis-Haley said. “We have very loyal customers. This is bittersweet. I will miss the action of it every day. I enjoy seeing people every day. It’s a great business for the right person. I make a very good living here.”
She said, “I’m just tired. I would love for someone to come in and keep it the same for my customers.”
Sabatino said most of the current employees are interested in staying at Steve’s Place, giving a prospective new owner a built-in employee base.
“We’ll listen to all offers. We’re open to anyone, as long as they are financially qualified,” he said.