Friday, June 8, 2012

Mood Lounge Building Purchased by Corduroy Owner Tom Power

The Mood Lounge building has been purchased by Tom Power, the owner of Corduroy restaurant, according to records filed with the D.C. Recorder of Deeds.  The deed transferring ownership of the property to Power was filed on April 25, 2012.  (Many thanks to a reader for bringing this to my attention.)

As reported previously on this blog, the now-prior owner of the Mood Lounge building filed for bankruptcy in August of 2011, after having been served with a notice of foreclosure in July 2011.  In late 2011, the prior owner attempted to sell the building to Mood Lounge proprietor Abeba Beyene, but that sale fell through.  Around March of this year, the prior owner entered into a sale agreement with Power; the bankruptcy court approved the proposed sale in April, but the sale was contingent on Power obtaining financing for the purchase.  That financing appears to have occurred, and the sale of the Mood Lounge building to Power took place in late April.  In May, the prior owner's former creditors filed certificates of satisfaction with the Recorder of Deeds, so Power appears to have clear title to the property.

I have contacted Power for a comment, but have not yet received a response.

Power's Corduroy restaurant is located at 1122 9th Street, NW, and has been on Washingtonian's list of the 100 Very Best Restaurants for three years in a row.

For more information on the Mood Lounge building owner's bankruptcy proceeding, check out this prior post.  Additional information on the sale agreement between Power and the prior owner is here and here.

1 comment:

  1. This is a great victory for the neighborhood! Hopefully Mr Power, who has an untarnished reputation, will evict the Mood Lounge and open a legitimate business in its place.