R.Epstein
As we pick up the string of Parts 1 and 2, the next phase of the project was to find a location in the center of Prague for the restaurant. As everyone knows, location, location and location are the three most important aspects of any retail business. In Prague in 1993, there were many interesting sites available because restitution was in full swing. Czechs whose family owned real estate in the city prior to the communist takeover after World War II were getting that real estate back. Of course they were getting it back in an “as is” condition. If they were really lucky, they could sell it for a substantial amount if the location was excellent or the building had somehow survived in good condition. Most of the buildings may have looked nice on the outside, but needed a significant amount of renovation before it could be lived in or used for a commercial purpose.
In our case, we were working with a real estate agent that became a good friend. Hanka had gone to Canada, met her husband, married and brought him back to Prague in 1990. She worked for one of the more aggressive real estate agencies at the time, but as a friend, she really worked hard to help us find a good location. And in fact, we found a location off of Pariska Street across and down the street from the Intercontinental Hotel in Stare Miesto. In short, a very good location.
The owner was a classic denizen of Prague at the time. A very sophisticated doctor who had suffered through the communist’s time only to have a renaissance in his sixties as Prague blossomed again. This elegant gentleman had gotten, as he put it, “a little bit rich” when he and his sister had been restituted a beautiful large building on Vaclawke Namesti, along with ten other of their cousins! They then sold it to a predatory real estate shark who put a little bit of money into it and then sold it again. In the next installment, we’ll go over the terms which finally brought in some of my own direct experience as an attorney doing legal work in the real estate area.
