Landmark Lake George restaurant for sale after 70 years in business
By Sam Raudins – Reporter, Albany Business Review
Jan 10, 2024
Mario’s Restaurant of Lake George has hit the market.
The family-owned Italian restaurant at 429 Canada St. is listed for sale for nearly $2.4 million, which includes the business and the property. The owners, Paul and Nancy Nichols, are retiring, according to listing agent Mitchell Muroff of Muroff Hospitality Group.
The Nichols were not yet ready to discuss their decision to put the restaurant up for sale.
The restaurant has been operated by the family since 1954. Muroff said the hope is that the new buyer would “freshen up” the established restaurant.
“I don’t think the goal will be to come in and change it completely. I think the goal would be to build on the legacy,” Muroff said.
Mario’s currently operates year-round, which is part of why Muroff sees this as a timely opportunity.
“Most hotels and businesses close for the season. Lake George has always tried to become more of a four-season and all-year community and they’re working hard on that,” Muroff said. “The Chamber of Commerce has been successful in getting a lot of winter events, and more this year than ever, but not a lot of full service restaurants have stayed open.”
Muroff said the restaurant has developed a loyal customer base between locals and tourists, with customers traveling anywhere from 30-60 minutes to dine in.
The sale includes the business’ recipes. Menu offerings range from appetizers and pastas to entrees such as chicken parmigiana and veal saltimbocca, among others. Specific revenue figures are only disclosed to interested buyers that have signed a non-disclosure agreement, Muroff said.
The building is 5,630 square feet, which includes the main dining room, a bar, a terrace dining room, and a kitchen with updated stainless steel appliances.
Above the restaurant is a three-bedroom apartment, and there’s a dry basement for storage, refrigeration and commercial laundry for linens and uniforms.
The property also includes a parking lot.
The listing comes as Lake George is poised for more development. The town and village were awarded funds from the Downtown Revitalization Initiative, which focused on Canada Street and the adjacent waterfront, according to an announcement from Gov. Kathy Hochul’s office. Possible projects being considered by the town include housing opportunities, broadband expansion and tourism-related improvements.