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Tower Investments sells the historic Merchants Restaurant on Broadway in Nashville-for $12.6 million

By Adam Sichko-Nashville Business Journal
January 18, 2019

“Tower Investments sells the historic Merchants Restaurant on Broadway in Nashville - for $12.6 million”

New Yorker buys building home to Goldberg restaurant

A real estate investor from New York now owns an historic building in downtown's Lower Broadway tourist district, home to a restaurant owned by influential brothers Benjamin and Max Goldberg.

An entity linked to Morris Weintraub Associates paid more than $12.6 million for the building at 401 Broadway, according to newly filed public records. The roughly 120-year-old building is home to Merchants, a restaurant from the Goldbergs and their Strategic Hospitality company that also is responsible for Pinewood Social, The Catbird Seat and other trendy establishments. The Goldbergs recently extended their lease through 2028, according to multiple real estate listings.

The purchase price amounts to $714 per square foot of the three-story brick building, among the higher rates ever paid for Nashville real estate. Efforts to reach Leonard Weintraub, whose signature is on the deed recording the purchase, were not successful on Jan. 17. Weintraub's company is based on Long Island, where his entity W 401 Broadway LLC is registered. The Real Deal, a New York-based industry publication, reported Jan. 17 that Weintraub had finalized a deal to sell a collection of his family's apartment buildings for $115 million.

The seller was California-based Tower Investments LLC, which has invested in downtown real estate for a number of years, including part of the land where the Music City Center convention hall stands today. Most recently, the building had been listed for sale at $14.5 million.

The third floor caught fire in May 2018, but Merchants reopened soon afterward.

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