Bachstadt’s Tavern in Middletown, with a 70-year legacy of food, drink and fun, has sold for an undisclosed amount, according to a Thursday announcement from Bielat Santore & Co.
At the age of 88, Carl Bachstadt, the owner of Bachstadt’s Tavern, passed away in 2020 with no successor or succession plan in place to keep his namesake open to the public. Bachstadt was a proud Republican who devoted his life to serving and helping the party for 60 years. His establishment hosted and sponsored events where first lady Barbara Bush, Gov. Christine Todd Whitman and Gov. Chris Christie were present.
The 5,100-square-foot tavern had been closed since Bachstadt’s death.
In 2023, Bielat Santore & Co., an Allenhurst-based real estate brokerage, was awarded an exclusive listing by the administrator for Bachstadt’s estate to sell the real estate and liquor license. Bielat Santore & Co.’s expertise lies chiefly within the restaurant and hospitality industry, specializing in the sale of restaurants and other food and beverage real estate and businesses.
“It was an interesting assignment,” Richard Santore said. “The establishment had been closed for over two years while the affairs of the estate were sorted out. Structurally, the building was sound; however, its interior needed updating, including installing a new kitchen, which Bachstadt had removed with plans of upgrading before he died.”
The firm went to work right away to develop a hit list of its private client list to contact.
“We had a deal within the first 45 days of our listing. The purchaser was to contract the property as the back end of a 1031 exchange. The 1031 exchange could not be completed; so, we had to start from scratch,” Santore added.
Through perseverance, persistence and permanency, Bielat Santore & Co. found another buyer: A local Monmouth County real estate investor, who has not decided if the tavern will be reopened, purchased the real estate and liquor license. Other options the buyer is considering include pursuing township approvals for residential dwellings on the property.
