November 6, 2008 Issue                                       

©2007 The Chestnut Hill Local

Caruso’s  goes up for sale again
by JOEL HOFFMANN

Caruso’s is on the market again, but at a much steeper price this time.

CMS Companies, a Wynnewood-based venture capital firm, is seeking $3.7 million — $551.09 a square foot — for the business and the building at 8418-22 Germantown Ave.

That’s $1 million more than the Marano family sold it for in March to John J. Capoferri, a former CMS client and employee.

“I think it’s overpriced,” said Luke Marano Sr. “I’m shocked. I don’t know what retailer could be there at that price — other than a bank.””

Marano said it would not make “economical sense” for a grocery store to move into the space now, especially when the first floor needs $200,000 to $300,000 in renovations.

Weaver’s Way Co-op manager Glenn Bergman said last month that he was in negotiations with CMS, but that the price was too high to justify a co-op branch at the Caruso’s site.

CMS principal Ingrid Welch did not return a call for comment. John O’Dea, an agent for Beacon Commercial Real Estate LLC, which lists the property, said he could not speak about the price increase, but he did confirm that CMS wants $3.7 million.

The property includes a 6,700-square-foot first floor, six second-floor apartments (all currently under lease) and a rear strip of land that ends at a Chestnut Hill Parking Authority lot.

Marano said that John J. Capoferri still hasn’t paid him for the Caruso’s business. He filed a civil complaint against Capoferri on Aug. 4, seeking $159,571.81 in damages, but he said he has given up on the idea of getting his money — at least for now. (CMS representatives have not said whether Marano would be paid if Caruso’s were sold again.)

Capoferri has had 12 civil complaints filed against him by 10 plaintiffs since February, according to the Philadelphia Common Pleas Court docket. The plaintiffs have requested a combined $5,249,911.96 in damages.