After sitting vacant for more than three years, the Old Homestead Restaurant at Ballston, N.Y.’s most visible location was purchased by two brothers who operate a popular diner in Schenectady.
The 4.5-acre parcel and restaurant, located on Lake Hill Road at Route 50 in southern Saratoga County, sold for $395,000.
The new owners, Angelo and Jerry Menagias, closed on the 4.5-acre property on Sept. 19. The brothers operate the Blue Ribbon in State Street in Schenectady. They plan to renovate the building and open it as a casual restaurant, family members said.
Kevin Philbin, an associate broker with Prudential Blake-Atlantic, was the listing agent.
The previous owners, Sharon LaViolette and Jeanne Wilkinson, put the property on the market in August 2008 for $600,000.
CVS had plans to demolish the century-old farmhouse-turned-restaurant and build a pharmacy, but the company pulled the plug on the proposal after learning that its plans required building a roundabout there. The intersection is scheduled for major upgrades next year.
The Old Homestead closed in May 2006. The location had operated as a restaurant since at least 1982.
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