Two of Buffalo’s most beloved restaurants will go up for sale this week. Expect to see Toutant and the former home of Dobutsu on the market—not the buildings and not the brands, but the restaurant businesses themselves.
See the full listings here.
Real estate agent Ivy Knight explains, “To put it in perspective: there is a reason that restaurants almost always take a year or more to build from scratch, this is not because everyone is bad at opening restaurants, but because of the City and red tape, and all the inspections and permits required to do so. Therefore, an existing restaurant that is ready to do business as a restaurant has an inherent value that goes beyond a typical empty box retail space.”
Before this, most Buffalo chefs and restaurateurs tried to sublease their spaces or gave the keys back to their landlords, walking away from all their hard work and investment. Knight hopes these listings will be the first of many, shifting how restaurants change hands in Western New York.
“Restaurant real estate has always been around, but it’s a very specialized sector and not many agents do it,” says Knight, who came into real estate intending to focus solely on restaurants. The former professional cook and longtime food writer first met Toutant and Dobutsu’s owners and operators, James and Connie Roberts, through Nickel City Chef, where Knight served as a recurring guest judge.
Earlier this month, the city was rocked by the news of Toutant’s imminent closing, with an outpouring of love for the local favorite. As Roberts told Buffalo Spree, “The business as a whole will be offered for sale. Just because our stewardship of this address is done does not mean it won’t still be a great restaurant.”
Local agent Kim Santana of Gurney, Becker & Bourne will co-list with Knight. “Our food scene is a huge part of what makes this city special,” Santana says. “By finding the right people to take over, we’re not just preserving the hard work that went into building these businesses, but also making sure our culinary culture continues to thrive.”
“Kim is an excellent agent and a big supporter of the local restaurant scene, which is key when dealing with hospitality real estate,” says Knight. The food writer-turned-real estate agent’s byline can be found in the New York Times, Food & Wine, and most recently in Buffalo Spree, where she just debuted a new column.
“Being able to sell your restaurant business means operators no longer have to walk away from significant investments, leaving all the rewards to be reaped solely by landlords,” says Knight. “It means we negotiate fair leases for tenants. It also means landlords get fully vetted tenants who are serious about the space. It makes for a stronger restaurant scene overall.”
