BORROWER NEWS
 
 
Local Landmark Property Preserved By Two Guys Named Sean
Article by Roslyn D. Goldmacher published in NY Real Estate Journal



For over 20 years, Katie Daleys was a well known south shore restaurant and gathering place, catering to young and old alike until it closed in summer 2003. That it survived so long in the fickle world of the restaurant business was a testament to its location and the demographics of south shore LI.
The property might have been redeveloped for a strip center but for the entrance of two entrepreneurial Long Islanders, "the two Seans," Sean Reilly and Sean Harrington. The two Seans were transplanted Irish farmers (now US citizens) who immigrated to the US and made it, turning local restaurant internships into successful management and ownership of Jackie Reilly's Bar and Grill in Nassau County. They saw the potential in the Katie Daleys reputation and location and successfully negotiated to purchase the property and reopen the restaurant.
Committed to the finest of cuisine and a relaxing atmosphere, the two Seans are renovating and modernizing the restaurant to restore its former atmosphere and expand its facilities for catering and parties. Located on Merrick Rd. in Massapequa, Katie Daleys is set to once again be a hub for family dining in the area.
Because many banks shy away from the volatile restaurant business, the principals sought the help of Long Island Development Corporation which is enabling the deal by providing a long term, low fixed rate second mortgage loan to purchase and renovate the property. LIDC's involvement has inspired bank involvement in a first mortgage position and, with a minimum down payment (allowing the principals to use their cash for marketing, hiring, inventory), the "new, improved" Katie Daleys is ready for business. Another example of keeping LI entrepreneurial spirit alive and supporting a great tradition!

 
     


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