South Brooklyn Pizza Files for Bankruptcy

“The company behind the South Brooklyn Pizza chain has filed for Chapter 11 bankruptcy protection,” according to Crain’s. “The Manhattan-based firm, which operates as 122 First Pizza Inc. and is also known as 137 Beach Corp., is owned by real estate developer and pizza restaurateur James McGown. The company’s Manhattan location, at 122 First Ave., between Seventh and Eighth streets, was still in operation as of Friday morning.

Mr. McGown listed assets between $1 million and $10 million and liabilities in the same range. South Brooklyn has two locations in Manhattan, and one in Carroll Gardens where it is part of the 138-year-old P.J. Hanley’s Tavern Irish bar. Mr. McGown purchased the bar—Brooklyn’s oldest—in 1995 and expanded it to include pizza soon after. Mr. McGown also reportedly owns the recently opened Buschenschank pub, also in Carroll Gardens, and is president of East River Mortgage Corp., whose own separate Chapter 11 bankruptcy petition is pending.”