NEWPORT – The property that includes The Fifth Element, a popular restaurant and bar at 111 Broadway, is changing ownership in one of the biggest commercial real estate deals in the city this year.
The commercial retail property at 105-111 Broadway was sold for $4.5 million, including The Fifth Element restaurant, along with its outdoor dining space called “The Outer Element,” and an adjacent property that was formerly the home of Foley’s Garage, according to Teri Degnan Real Estate & Consulting Ltd., the independent broker that represented the sellers. The building was owned by the restaurant’s longtime owners, Brad Cherevaty and Frank Doyle.
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The buyer, a business called Carpe Noctem Restaurant LLC, was represented by Lea Savas of Hawks and Co. Real Estate, part of Edge Realty RI. Included in the sale was The Fifth Element’s inventory, equipment, trademarks and its liquor license, according to Teri Degnan Real Estate. The restaurant continues to operate but under new management, said Teri Degnan, owner and operating broker of the firm.
“I’ve personally watched Brad Cherevaty and Frank Doyle build this business from the ground up, with Frank’s wife, Anna, spearheading the design and managing staff over the years,” Degnan said. “I know I share the sentiments of many of my local friends and neighbors when I say I’m excited to see what the next chapter of The Fifth Element holds.”
Marc Larocqcue is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
