PARTNERS REVITALIZE ABANDONED RESTAURANT

          Long Island’s East End (both South and North Forks) is a hot bed of real estate activity lately …. residential real estate activity. The astronomical prices still being paid for residential properties have caused a depletion of the commercial property stock because it is being redirected to “more profitable” residential development.

          Two entrepreneurs, however, have demonstrated their commitment to maintaining the commercial tax base on the East End by purchasing and revitalizing an abandoned former restaurant property. Thomas Corrigan, a retired NYC policeman with extensive restaurant and catering experience, and Kenneth McBrien, a contractor specializing in restaurant and pub construction, have taken the plunge into East End business. Almost a year ago they purchased the property in Hampton Bays with the idea that they would develop a restaurant. Their demographic studies showed that the population in the area has increased dramatically the last few years because the area offers a safe environment with little crime, good schools and relatively low taxes. Because both principals have extensive restaurant /pub experience (operating and construction), they are confident of success even though restaurants can be a tough business.

          The facility, to be known as McCorrno’s, has been renovated to provide not only a restaurant/pub but catering space as well. This will allow them to host local bridal/bay showers, birthday parties, rehearsal dinners, business seminars etc. The pub will concentrate on a mature crowd because the principals’ research showed that most East End pubs cater to the younger generation. Corrigan and McBrien are also very excited to have hired executive chef Norman Snell who has been credited with establishing venues such as Durow’s International as well as Dan Foley’s pub in Queens, one of the borough’s finest restaurants.

          Careful preparation, planning and research is an important ingredient in  small business success, particularly in a start up business in the retail trade. McCorrno’s entry onto the East End restaurant roster is a risk - but a limited risk due to the principal’s extensive homework. It certainly demonstrates their belief in the value of commercial investment in the East End.

          Financing for the project was provided by American Community Bank and the below prime fixed rate second mortgage SBA 504 Loan Program through Long Island Development Corporation.