Revenue Sharing Notes ?
|Minimum Target||$100,000 ?|
|View Key Terms|
|Minimum Target||$100,000 ?|
|View Key Terms|
Around the corner from McCarren Park in Greenpoint Brooklyn, California 88 wine bar will provide a refined yet unpretentious neighborhood space to meet friends, have a drink and learn about wine. The arrival of California 88 wine bar announces a heretofore unseen concept to New Yorkers: an exclusively California wine program with every bottle available by the taste or the glass. Patrons will also enjoy organic, locally sourced small plates, charcuterie and cheeses and a curated retail selection of California-made goods.
587 Manhattan Avenue, the future home of California 88
The California 88 team are self-taught connoisseurs with extensive industry experience. They understand that the ability to taste wine, not just read about it or look at a label, is the best way to discover its joys. They also understand that taste is highly personal and subjective, hence the bar’s selection of 88 different wines. The goal is for customers to become their own wine expert and decide what they look for in a wine.
A celebration of the California wine regions, the space will encapsulate California living. White walls will be accented with natural woods and indoor plants throughout. Patrons can feel free to sit at the 10-person tasting bar, perch at the two-seater tables or gather with a large party. Those in the space will feel as though they’ve just walked into a friend’s well-appointed living room in sunny California. The award-winning Kimberly Ackert Architecture will design and build out the inviting new space.
Examples of wines that will be available for purchase, by the bottle or by the glass at California 88
In addition, special events will aim to facilitate a two-way relationship between New York wine lovers and California wineries. This includes wine tasting classes, private winemaker dinners and exclusive California wine country retreats.
California 88 is set to open in the Spring of 2018.
Click here to view the Issuer's SEC Form C filing.
The total project cost is estimated at $400,000. The Issuer has contributed $100,000 to the project costs directly and has already raised $150,000 in equity to date. Through the NextSeed campaign, the Issuer aims to raise between $100,000 and $125,000. The first $100,000 will be used to purchase inventory, furniture and tableware. Additional funds will be used as working capital.
First floor and basement plans:
|Principal||Investment Multiple||Maturity*||Total Payment*|
Once the Issuer commences operations, it will share a percentage of each month’s gross revenue with the investors as a group until they are paid in full.
Each investor will receive its proportionate share of the monthly payments made to the investors as a group.
Let’s assume that the total amount raised through this offering is $125,000 and the Issuer is committed to sharing 7.25% of its gross revenue.
If Investor A invested $2,500 of the $125,000 that was raised by the Issuer, Investor A is entitled to receive 2.0% of each monthly payment made to investors.
Therefore, if $3,625 is paid to investors for month X, Investor A is paid $72.50 for month X.
* The calculations above are mathematical illustration only and may not reflect actual performance. They do not take into account NextSeed fees of 1% on each payment made to investors. ... Read More The exact length of time that it will take the Issuer to pay each investor in full cannot be known in advance since the Issuer's actual revenues may differ from its reasonable forecasts. If any balance remains outstanding on the maturity date, the Issuer is contractually required to promptly pay the entire outstanding balance due to each investor. Payment is not guaranteed or insured and investors may lose some or all of the principal invested if the Issuer cannot make its payments. Read Less
California 88 will be the only wine bar in the New York City area to focus exclusively on domestic, California wines. It will also be among the few bars in the area to serve all of its wine list by the tasting, glass and bottle. In doing so, patrons can, for example, enjoy a rare $180 bottle of wine at the tasting price of $9. Most glasses, however, will fall into the $10-15 range with 1oz tastings at $2-3. California 88 is looking to maximize on these less-than-full bottle sales, which have a higher margin than bottle sales.
The California 88 menu will offer 88 California wines consisting of roughly 1/4 cabernet sauvignons and merlots, 1/4 pinot noir, 1/4 other reds and blends and 1/4 whites and rosé. A carefully designed food menu will work to complement the wines, not overpower them, and will include charcuterie and cheese boards, small plates and recommended wine pairings for each dish.
As a celebration of the California state, the space will provide a meticulously curated retail section of California-made lifestyle products, including housewares, textiles, kitchen goods and books. The addition of retail will offer a more immersive California-inspired experience for customers.
Examples of lifestyle products to be sold at California 88
The wine bar will open at 4pm Monday through Friday and 10am on weekends, and close at 11pm Sunday through Thursday and 1am Friday and Saturday. Food will be available until close with a brunch menu served on weekends. Each staff member will be trained on wine fundamentals, with an extra emphasis on the California growing regions and varietals.
As the go-to neighborhood wine bar, California 88 will focus on localized advertising and influencer marketing. Advertising both online and offline will be targeted to the 11222 and 11211 zip codes and its 136,000 residents. Working alongside PR agencies, California 88 will also amass a list of food, wine and lifestyle influencers (bloggers, magazine writers) and partner with them on a series of exclusive events, beginning with the California 88 soft opening.
In the effort to drive returning customers, California 88 will have a comprehensive customer experience strategy, including recognizing repeat customers and VIP’s, offering happy hours throughout the week as well as regular educational classes and workshops. There will be a weekly rotation of a featured discounted wine and weekly email campaigns to help cement repeat relationships.
California 88 wine bar will be located at 587 Manhattan Avenue in Brooklyn’s Greenpoint neighborhood. This situates the restaurant in the heart of one of Brooklyn’s most desirable neighborhoods.
Greenpoint Brooklyn (Source: Hudson Real Estate)
Greenpoint (zip code 11222) has been the center of Brooklyn’s growth for the past decade. The residential area has been especially popular for young professionals. Median household income is $73,391 with an average age of 34.5. The neighboring Williamsburg is a hip, well-established neighborhood known for its trendy restaurants and bars. Residents from both neighborhoods have disposable income and a desire to dine out and socialize at local bars.
Brooklyn is booming (Source: Hudson Real Estate)
As a neighborhood establishment, California 88 allows a place for local residents to meet up on a regular basis over food and drink. At the same time, the wine bar is well positioned to become a destination for residents of other boroughs including Manhattan.
The wine bar will provide a modern, unpretentious, welcoming space for young professionals to meet up with friends and colleagues. After all, as reported by the 11th Annual Wine Market Council Research Conference, 36% of wine drinkers in 2015 were millennials, a large demographic of California 88’s surrounding residents.
Easily accessible by both car and train, California 88 will sit just steps away from the Nassau Station on the G train and a 10-minute-walk from Bedford Station on the L train.
Eric was one of the original founders of Wine Direct (formerly Inertia Beverage Group), the largest logistics and e-commerce platform in the wine industry. He spent years visiting wineries, building relationships, and creating a seamless user experience for hundreds of winery clients on the platform. His nearly 10 years in the Bay Area elevated his palate for fine dining and appreciation for wine, and he has formed a passion to make wine more accessible and less intimidating.
Stephanie learned about best-in-class service as an event producer in the Bay Area, where she honed her skills at companies like Paula LeDuc Fine Catering, Sillapere, and Atelier Joya. She worked for the most discriminating of clients including Google, Yahoo, Lucasfilm, Jaeger-LeCoultre, Cuesa, CB Richard Ellis and more. In addition to food & wine events, Stephanie is an experienced digital marketer and writer and founded the lifestyle site The Girl Who Knows in 2012. She's known for her expertise in creating lasting community and facilitating immersive experiences. Currently, she consults with businesses on the intersection of customer experience, digital marketing and operations.
Jonathan is a partner at Manhattan’s popular 8th Street Wine Cellar and bibi Wine Bar. His full history in the restaurant industry covers positions in all areas of hospitality and includes time at the famed Union Square Café, Arizona 206 and TOWN restaurants. Jonathan is also an accomplished New Yorker cartoonist.
A graduate of Johnson and Wales Culinary University in Providence, RI, Carlo went on to become the Executive Chef at Mercury Grill in Washington, D.C. He gained further experience and wine knowledge at some of San Francisco’s finest restaurants, including Mecca. Carlo is also a highly sought-after private chef.
November 13, 2018
We had our first in-person review with the Department of Buildings (DOB), and came back with more clarifications and comments. We’ve since made all the updates and will be meeting with DOB again today. Fingers crossed that we will be approved or close to being approved.
We also met with an amazing General Contractor and got his revised construction budget proposal back. The numbers are looking good, and we should be signing the contract with them come next week.
Hopefully, by the next update, we’ll have started construction and sprinting towards the finish line. We at Coast and Valley really appreciate your patience and your help.
October 8, 2018
Great news. We have finally filed for our construction permit, and have already received the first round of feedback from the Department of Buildings. We’re working diligently to make sure this part of the process goes as quickly and smoothly as possible. We have also received two contractor bids and will be making our final decision very soon. That being said, we are looking at a Spring 2019 expected opening!
Another piece of good news, we were just mentioned in the New York Magazine as one of the new openings people should look out for. And our press effort will continue to build up excitement until we open.
Stay tuned for more updates, and as soon as our permit is approved it’s full steam ahead on finishing the buildout.
Again, we can’t thank you enough for your support!
September 4, 2018
We have a couple of updates for you this month.
All of the architectural and engineering plans have been approved by the acoustic engineer as the landlord requested. Now everything including the Building Permit applications are on the landlord’s desk waiting to be signed. Once he signs it, we’ll finally file for our building permit.
Secondly, after working with our PR and Marketing teams over the last couple of months, we have decided to rename our flagship store to Coast and Valley, paying homage to California’s natural topography and where most of the wine grapes are grown. We will file the new name as a DBA, and the LLC will remain as California 88 LLC. We will spend this upcoming week updating all of our marketing channels, in the meantime here’s a preview of our new logo.
More updates to come next month!
August 3, 2018
This last month had been a continuation of refining the construction documents. The landlord had asked for many more changes to be made to the plans in order to mitigate the noise level, and have also asked for a full acoustical review of the entire building plan.
We have completed all the design changes, and the acoustical review is underway as we speak, and will be completed by early next week. After the acoustic engineers approve the revised plans, we will finally be able to file for our construction permits.
We look forward to sharing more news with you next month as we work toward a Fall 2018 anticipated opening. Thank you all so much for your support and patience.
June 29, 2018
We recently brought on Director of Communications, Blake Mackay, who will help head up the PR efforts and ongoing communications strategy for California 88. Blake has an impressive resume and has worked with some of the best in food & beverage (including Atelier Crenn, April Bloomfield, Botanica, Otway, and many others). She is well-loved by all who work with her. We feel super fortunate to have her on the team!
We’re also in the midst of hiring a marketing/branding team to help us flesh out our marketing and social media strategy for the launch. And we’re selecting the interior design color palette and finishes with our designer Lisa Boone.
Our anticipated opening is in Fall 2018. The cause of the delay is just the complexity of NYC building code, and our expediter had requested a few changes to our HVAC and exhaust system. In addition, the landlord has been and is out of the country until 7/9 so application won’t be submitted until he returns in a week and half.
We look forward to giving you even more updates in the weeks to come!
May 14, 2018
It is absolutely unbelievable the amount of support you all have shown us as we wrap up this campaign. Thank you so very much for believing in our business, in us, and helped us reached our extended goal.
As soon as we have a tentative opening date set, we will send out your bonus rewards and give you some time to make plans for the opening parties here in Brooklyn. We want to say a big thank you to everyone again, and can’t wait to see you at the wine bar!
April 9, 2018
On the heels of a great trip to California, we just got back from the menu tasting with our Michelin-starred consulting chef. We spent 8 hours tasting every single dish, making notes and refinements to each one. All of us around the table couldn’t be more excited about this menu. We’re elevating bar food to another level, and we can’t wait for everyone to try this menu soon.
On the construction side, all the HVAC, plumbing and electrical plans have been received. And we’re meeting with our entire team to finalize the construction plans and set the date to start interior construction. We look forward to keeping you posted on our progress along the way.
March 20, 2018
We’ve had another great week of developments. As of last week, we’ve raised 100% of our equity investments. This week, we have been traveling through Northern California visiting wineries, meeting winemakers and gathering food and hospitality inspiration. From this trip have been able to add another 20 wines to our list. These photos give you a peek into our trip!
March 12, 2018
Thank you to all of our investors that have contributed which has helped us reach 50% of funding for our campaign. This is an exciting milestone for us!
This week we secured a great mechanical engineer to oversee the completion of our construction plans including our plumbing, HVAC and sprinkler mechanics. Once he’s finished we’ll be filing our construction permits and will begin interior construction. And, we have signed on an experienced Michelin-starred chef who we are consulting with on our menu development.
March 5, 2018
We have completed the exterior build-out (see the photos below), the interior demising wall, and some initial electrical work. Additionally, we are finalizing the mechanical engineering design for the space. Once the design is completed, we will begin the work on the HVAC system, sprinkler system and initial ceiling construction.