Crown Market's loyal customers can breathe a sigh of relief and just maybe do a celebratory dance down the aisles — the store is staying open.
The announcement came today, four days after Crown Market's customers learned that negotiations were underway to save the store.
Henry M. Zachs, Alan Lazowski, Brian Newman and Leonard Udolf just finalized the deal today and the 74-year old market will remain open without interruption.
25-Year Lease Signed
“The cornerstone of the deal is a new 25-year lease signed today with Udolf Properties, owner of the building," said Lazowski in a press release. "Leonard Udolf and Robert Udolf immediately came forward with an extremely generous lease agreement that will dramatically lower our operating costs which is vital to the success of this venture. The Udolfs’ spontaneous generosity and the investors’ support have made this project a reality.”
Preserving a Tradition
“We simply could not stand by and let this store just close its doors," said Udolf. "It has been a pillar of our community for generations. By offering well-below market rates, we’ve now ensured that The Crown Market will survive. This is not a business deal for us. It is a matter of all of us working together toward a common goal. We felt that it was critical to preserve traditions that we hold dear.”
A Smooth Transition
The preservation of The Crown was also made possible through the cooperation and dedication of Marc Bokoff, who operated the business for the past five years, according to a press release from liaison Stacy Rome.
“I’m thrilled that the community has come together to preserve this landmark institution and the many jobs which were at stake," said Bokoff. "I look forward to continuing to work with the new owners to ensure a smooth transition.”
Funding will not only put the market on strong financial footing, but will also allow The Crown to move forward with leading edge store design, modernized inventory systems and specialty items, while preserving the most beloved of its current offerings, Rome said.
The market will be stocked with merchandise for Passover, beginning March 9. Orders will be accepted once the holiday menu is printed, said Rome.