Craft’D accepts eminent domain settlement from Riverhead Town
Following its recent closure announcement, the owners of Craft’D cocktail bar have accepted a $170,000 settlement offer from Riverhead Town.
This recent decision marks the end of the town’s months-long eminent domain pursuit of 127 E. Main St. and allows for the Town Square and hotel project to move forward. Supreme Court Justice John J. Leo granted a vesting order filed on Aug. 27 by the town’s defense attorney Frank Isler. This allows for the transfer of ownership of the leasehold interest property of Craft’D to Riverhead Town.
The town board previously approved a budget adjustment to make a $120,000 settlement offer to Craft’D’s owner, SNR Bar 25 Corp. Officials are expected to approve the newly agreed to settlement and $50,000 budget adjustment increase at the Sept. 16 town board meeting.
Craft’D made a social media post about its closure on Aug. 28, the day after the acquisition was approved. The owners invited its patrons to raise a glass with them at a final celebration on Saturday, Sept. 20.
Court documents stated that the Craft’D owners must vacate the premises by Sept. 30, and Riverhead Town must pay the restaurant owners the full settlement no later than Oct. 15.
Attorney Craig Blanchard, who represented SNR Bar 25 Corp., said in an email he and the Craft’D owners were pleased to reach a resolution with Riverhead Town.
