BAR OWNER WANTS TO SELL TWO NYC WATERING HOLES FOR $1M IN BITCOIN

Last updated: June 20, 2025, 00:38 | Written by: Jed McCaleb

Imagine owning a slice of the vibrant New York City nightlife, not with dollars, but with Bitcoin.That's precisely the opportunity presented by Patrick Hughes, a bar owner in Hell's Kitchen, Manhattan.Citing the lingering economic impact of the pandemic on local businesses, Hughes is offering to sell two of his popular establishments, Hellcat Annie's and an additional property, for a cool $1 million – payable in Bitcoin (BTC) or Ether (ETH). Skip to main content Bitcoin Insider. MenuThis bold move reflects a growing trend of integrating cryptocurrency into real-world transactions, particularly in sectors seeking innovative solutions.Hughes isn't just looking for any buyer; he's hoping to attract a crypto enthusiast, someone who's always dreamt of owning a bar and understands the potential of digital currency.This unique proposition raises intriguing questions about the future of business ownership, the role of cryptocurrency in real estate, and the evolving landscape of New York City's iconic bar scene.Could this be the start of a new era where digital assets unlock the doors to brick-and-mortar businesses?And who will be the ""crypto dude"" ready to take the plunge?

Why Bitcoin for a Bar?Exploring the Crypto Angle

The decision to accept Bitcoin and Ether as payment for these Hell's Kitchen bars isn't just a gimmick; it's a strategic move that reflects the growing acceptance and potential of cryptocurrency. Menu. Home; Bitcoin Chart; Cryptocurrency News; Cryptocurrency Software; Privacy PolicyLet's delve into the reasons behind this unconventional approach:

Attracting a New Breed of Buyer: Hughes specifically mentions ""catching one of these crypto dudes."" This directly targets a demographic with substantial digital assets and perhaps a desire to diversify their portfolio into tangible assets like a bar.
Modernizing Business Transactions: Accepting crypto positions the business as forward-thinking and adaptable to emerging technologies.This can be a strong selling point in a competitive market like New York City.
Circumventing Traditional Financial Hurdles: Traditional financing for small businesses, particularly in the hospitality industry, can be challenging. Search - Scotch Whisky MagazineCryptocurrency transactions can bypass some of these hurdles, offering a potentially faster and more streamlined process.
Capitalizing on Crypto Appreciation: While there's inherent volatility, Bitcoin and Ether have demonstrated significant appreciation over time. I m hoping to catch one of these crypto dudes who always wanted to own a bar, said Patrick Hughes.bar owner wants sell nyc watering holes bitcoinAccepting these currencies could potentially yield a higher return on the sale if the value increases after the transaction.

Hell's Kitchen Hotspots: A Look at the Properties

While the specific details of Hellcat Annie's and the other property weren't explicitly provided in the snippets, we can infer some information and consider general factors that contribute to their value:

Location, Location, Location: Situated in Hell's Kitchen, these bars benefit from a prime Manhattan location, known for its bustling atmosphere, diverse population, and proximity to theaters and tourist attractions. Founded in 2025, Farside Investors is a London based investment management boutique, specialising in global equities cryptocurrencyThe building taking up a large lot on the corner of 40th Street and Seventh Avenue (although not confirmed to be one of the properties) highlights the potential for valuable real estate.
Existing Business and Reputation: Hellcat Annie's, specifically mentioned by name, is likely an established business with a loyal clientele.This existing customer base and brand recognition are significant assets for any potential buyer.
Potential for Growth: Depending on the current operations and market trends, there could be opportunities to expand the business, introduce new offerings, or further capitalize on the Hell's Kitchen location.

It's important for any potential buyer to conduct thorough due diligence, including a review of financial records, permits, licenses, and the overall condition of the properties.

The Pandemic's Impact: A Catalyst for Change

Hughes' decision to sell for cryptocurrency is partly attributed to the effects of the pandemic on local businesses.This highlights the challenges faced by the hospitality industry in recent years:

Reduced Revenue: Lockdowns, capacity restrictions, and changing consumer behavior significantly impacted bar and restaurant revenue.
Increased Operating Costs: Enhanced sanitation protocols, staff shortages, and rising supply costs added to the financial strain.
Shifting Business Models: Many establishments had to adapt by offering takeout, delivery, or outdoor seating to survive.

In this context, accepting cryptocurrency can be seen as a creative solution to attract new investment and revitalize a business struggling in the wake of the pandemic.

Is Buying a Bar with Bitcoin a Good Idea? Bar owner wants to sell two NYC watering holes for $1M in Bitcoin Janu crypto News 0 I m hoping to catch one of these crypto dudes who always wanted to own a bar, said Patrick Hughes.Weighing the Pros and Cons

Before jumping headfirst into a cryptocurrency-funded bar acquisition, it's crucial to consider both the potential benefits and risks:

Pros:

Potential for High ROI: If the value of Bitcoin or Ether increases after the purchase, the buyer could realize a significant return on their investment.
Simplified Transactions: Cryptocurrency transactions can be faster and more efficient than traditional methods, potentially reducing closing times and associated fees.
Marketing Advantage: Owning a bar purchased with Bitcoin can generate significant buzz and attract a tech-savvy clientele.
Diversification: For crypto investors, owning a physical business represents a diversification of their portfolio beyond digital assets.

Cons:

Volatility: The value of Bitcoin and Ether can fluctuate dramatically, potentially impacting the overall value of the investment.
Regulatory Uncertainty: The regulatory landscape for cryptocurrency is still evolving, which could introduce unforeseen risks and challenges.
Tax Implications: Cryptocurrency transactions are subject to specific tax regulations that need to be carefully considered.
Complexity: Understanding cryptocurrency transactions and security protocols is essential to avoid potential scams or losses.

The Legal and Practical Aspects of Buying a Business with Crypto

Purchasing a business with cryptocurrency involves several legal and practical considerations:

Valuation: Determining the fair market value of the bar in cryptocurrency terms requires careful analysis and potentially the involvement of a qualified appraiser.The current market value of Bitcoin or Ether will need to be factored in.
Payment Processing: Setting up a secure and reliable system for accepting and managing cryptocurrency payments is crucial. Bar owner wants to sell two NYC watering holes for $1M in Bitcoin: I m hoping to catch one of these crypto dudes who always wanted to own a bar, said Patrick Hughes. New York City bar owner and crypto enthusiast Patrick Hughes is offering to sell two of his popular restaurants in the Hell's Kitchen neighborhood of Manhattan for cryptocurrency.This may involve using a cryptocurrency exchange or payment gateway.
Escrow: Using an escrow service that specializes in cryptocurrency transactions can provide added security and protection for both the buyer and seller.
Legal Agreements: The purchase agreement should clearly outline the terms of the transaction, including the cryptocurrency being used, the exchange rate, and the payment schedule.
Due Diligence: As with any business acquisition, thorough due diligence is essential to assess the financial health, legal compliance, and overall viability of the bar.

Beyond Bitcoin: The Future of Crypto in the Hospitality Industry

Hughes's decision is a bellwether, suggesting a potential shift in how the hospitality industry operates.Here's how cryptocurrency could further integrate into bars and restaurants:

Accepting Crypto for Payments: More businesses could start accepting Bitcoin, Ether, and other cryptocurrencies as payment for food, drinks, and services.
Loyalty Programs: Cryptocurrency-based loyalty programs could reward customers with digital tokens for their patronage, fostering engagement and brand loyalty.
Investment Opportunities: Bars and restaurants could use blockchain technology to raise capital through token offerings, allowing investors to purchase a stake in the business in exchange for cryptocurrency.
Supply Chain Management: Blockchain could be used to track and manage the supply chain, ensuring transparency and reducing costs.

Finding the Right Bar for Sale: Key Considerations

Whether you're paying with crypto or cash, finding the right bar for sale requires careful planning and research.Here are some crucial factors to consider:

Define Your Concept: Decide what type of bar you want to own.Are you interested in a dive bar, sports bar, cocktail lounge, or a full-service restaurant with a bar? With the YouTube Music app, enjoy over 100 million songs at your fingertips, plus albums, playlists, remixes, music videos, live performances, covers, and hard-to-find music you can t get anywhere else.Your concept will influence your target market, menu, and overall atmosphere.
Location, Location, Location: Choose a location that aligns with your concept and target market. New York City bar owner and crypto enthusiast Patrick Hughes is offering to sell two of his popular restaurants in the Hell's Kitchen neighborhood of Manhattan for cryptocurrency. According to a report from the New York Post, Hughes will accept crypto payments in the form of Ether ( ETH ) or Bitcoin ( BTC ) for the sale of Hellcat Annie s andConsider factors such as foot traffic, demographics, competition, and accessibility.
Financial Analysis: Conduct a thorough financial analysis of the bar's past performance, including revenue, expenses, and profitability. The best bar I worked at became sort of a hit with locals and eventually the owner sold the barland and netted himself somewhere close to a million dollars. That being said, his previous bar was basically a failure and he likely sold it at a loss. I believe he owned the first bar for about 6 years and the second for closer to 10.This will help you determine its true value and potential for growth.
Due Diligence: Review all legal documents, permits, licenses, and contracts associated with the bar.Ensure that everything is in compliance and that there are no outstanding liabilities.
Negotiation: Be prepared to negotiate the purchase price and terms of the sale.Consider factors such as the bar's condition, location, and financial performance.

Pour Cost and Profitability: Essential Metrics for Bar Owners

Understanding key financial metrics is crucial for running a successful bar.One of the most important is pour cost, which represents the percentage of revenue spent on alcoholic beverages. Now let s get started! The first thing you need to do is find the right bar or pub for sale. There are a few things to consider when doing this. First, you need to decide what type of bar or pub you want to buy. Are you looking for a dive bar, sports bar, nightclub with limited food, hookah bar, or full-service restaurant with bar?Here's why it matters:

Impact on Profitability: A lower pour cost translates to higher profit margins.For example, if two bars each generate $1 million in annual revenue, but one has a 20% pour cost and the other has a 30% pour cost, the bar with the lower pour cost will be significantly more profitable.
Inventory Management: Monitoring pour cost helps you identify potential issues with inventory management, such as theft, spoilage, or over-pouring.
Pricing Strategies: Understanding your pour cost allows you to make informed decisions about pricing your drinks to maximize profitability.

Small changes in pour cost can have a significant impact on your bottom line.Implementing strategies to reduce waste, optimize inventory, and train staff on proper pouring techniques can help you improve your profitability.

Conclusion: A New Era for Bar Ownership?

Patrick Hughes's decision to sell his two NYC bars for $1 million in Bitcoin is more than just a headline; it's a glimpse into the future of business ownership.By embracing cryptocurrency, he's tapping into a new pool of potential buyers and positioning his businesses at the forefront of innovation. No Comments on Bar owner wants to sell two NYC watering holes for $1M in Bitcoin (www.blockcast.cc) New York City bar owner and crypto enthusiast Patrick Hughes is offering to sell two of his popular restaurants in the Hell s Kitchen neighborhood of Manhattan for cryptocurrency.While there are risks associated with cryptocurrency transactions, the potential benefits, such as increased efficiency, lower transaction costs, and access to a global market, are undeniable.Whether this becomes a widespread trend remains to be seen, but it certainly sparks a conversation about the evolving role of digital assets in the real world. 405 Bars Available to Buy Now in the US on BFS, The World's Largest Marketplace for Buying and Selling a Business. BusinessesForSale.com is the world's most popular website for buying or selling a business.For aspiring bar owners, this presents a unique opportunity to combine their passion for the hospitality industry with their interest in cryptocurrency. Bar owner wants to sell two NYC watering holes for $1M in Bitcoin Citing the effects of the pandemic on local businesses, a NYC restaurant owner is attempting to sell two properties in Hell's Kitchen for Bitcoin or Ether.The key takeaways are:

Cryptocurrency is gaining traction in real-world transactions.
Buying a business with Bitcoin or Ether presents both opportunities and risks.
Thorough due diligence and a strong understanding of cryptocurrency are essential.
The hospitality industry is ripe for innovation with digital assets.

If you're a ""crypto dude"" with a dream of owning a bar, now might be the time to take the plunge. New York City bar owner and crypto enthusiast Patrick Hughes is offering to sell two of his popular restaurants in the Hell s Kitchen neighborhood of Manhattan for cryptocurrencJust remember to do your homework, understand the risks, and be prepared to navigate the exciting, and sometimes volatile, world of cryptocurrency. Browse 34 Bars, Pubs and Taverns currently for sale in New York, NY on BizBuySell. Find a seller financed New York, NY Bar, Pub and Tavern related business opportunity today!Cheers to the future of bar ownership!