posted on February 26, 2014 15:15
Thomas Grillo, Real Estate Editor-
Boston Business Journal
The controversial owner of Daisy Buchanan’s, the longtime Newbury Street bar, and the shuttered Ciao Bello restaurant, is facing a possible foreclosure auction on the adjoining Back Bay buildings where the two eateries are located.
Daniel P. McLaughlin & Co. has scheduled the on-site auction for Thursday, March 6 at 10 a.m. for 39-41 Fairfield St. and 240A Newbury St. The adjoining properties are assessed at $3.25 million.
Joseph P. Cimino, a trustee of JC Realty Trust, borrowed $7.6 million for the property as well as for two units at 220 Boylston St. in Boston from the U.S. Alliance Federal Credit Union in 2007, according to records at the Suffolk County Registry of Deeds.
Cimino’s attorney, Stephen Miller, at McDermott, Quilty & Miller LLP in Boston, said his client is having a dispute with the bank that is expected to be resolved with a refinancing. He predicted the auction will not happen.
In December, Daisy Buchanan’s had its license suspended for four days after police found employees serving alcohol to minors in September, the fourth time it has received a violation in the past three years, officials said.