In January, longtime downtown Raleigh restaurant and bar The Borough shocked regulars with the news that it would close in early February after a decade as a Morgan Street hotspot. Owner Liz Masnik yielded the space to Hadley’s, a sandwich shop and cocktail spot.
For Hadley’s, the turnaround time was a quick one, with soft openings even before March could begin. And now, less than four months later, Hadley’s—restaurant, bar, business, and all—is for sale for $120,000.
“The fact that Kevin and I bought The Borough and shut it down made a lot of people mad,” Hadley’s co-owner Drew Schenck says. “People loved The Borough. They loved Liz. And they hated us.”
In fact, Schenck says, one of the bar’s most crowded nights came when Masnik served as the guest bartender at Hadley's for a fundraiser
meant to fight House Bill 2. The Borough long served as one of downtown Raleigh’s LGBTQ hubs, and the atmosphere at Hadley’s was admittedly different.
This potential sale is a bit unusual: Schenck and fellow co-owner Kevin Barrett are looking for someone to buy the business in the next two weeks, as they prepare their next venture, Dram & Draught,
for an opening of its own on Hillsborough Street. (That bar currently has an active Kickstarter campaign
… to buy more whiskey.) If no one steps forward to buy it, Barrett says, Schenck will continue to toy with the concept until he finds a formula that hopefully works.
Indeed, the first four months at Hadley’s have been restless. After its mix of classic cocktails and hearty sandwiches flatlined from the start, Hadley’s became a martini bar that invited food trucks to commandeer its kitchen on weekends and sell to its customers. Schenck says that idea has worked some but that business still isn’t where they need it to be.
“We’re getting ready to open Dram & Draught, and we need to put Hadley’s behind us now,” he says. “And we already have started to, because we now have some people interested.”
Hadley's is for sale through, of course, Craigslist.
Easy come, easy go?