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Vacant Schimschack's Restaurant to be auctioned

Want to own a restaurant on the edge of the Niagara Escarpment from where you can see Toronto on a clear day?

Schimschack's is being auctioned off on Nov. 8. Bidding will occur at the restaurant, 2943 Upper Mountain Road.

The eatery in Pekin closed two years ago when owner James J. Marinello ran into financial troubles.  Marinello operated Schimschack's for 39 years.

He tried to sell the property through Pyramid Brokerage Co. of Buffalo, setting a $599,000 asking price that was later lowered to $450,000.

"We had lots of offers, but nobody could get any financing," Marinello said. "Banks seem to be squeamish about loans to the restaurant business."

Cash Realty & Auction of Tonawanda will auction the 3-acre property as-is, with all the kitchen, dining and service equipment included.

The 4,000-square-foot restaurant seats 170 and has about 50 parking spaces.

Marinello, 75, said the minimum bid for the property will be $350,000.

From the auction proceeds, he hopes to be able to pay off personal and business debts, back taxes and an estimated $12,000 to $15,000 in refunds on gift certificates that became worthless when Schimschack's closed.

He said the state Attorney General Office gave him a break on those refunds until the property could be sold.

 

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