The rumors just won't die. If you live anywhere near Edgemere Drive, you've seen the peeling paint and the "keep out" signs. You've probably also heard a dozen different stories about who is actually buying the place. One day it's a billionaire from Europe, the next it’s a local family looking to "save" the lakefront. Honestly, the Crescent Beach Restaurant Greece buyer speculation has become a local sport, but the reality is way more complicated than a simple real estate flip.
We aren't talking about a trendy bistro in Athens, Greece. We're talking about the iconic, long-dormant landmark in the Town of Greece, New York. It's a place where generations of families had Sunday brunch and wedding rehearsals before it turned into a giant, high-stakes legal headache.
Why everyone is talking right now
The building has been sitting there like a ghost since 2017. It’s weird, right? A prime piece of Lake Ontario waterfront just rotting. But things took a dark turn recently. You might remember the excitement in late 2023 when Katherine Mott-Formicola—the force behind Monroe’s in Pittsford—was announced as the savior. People were thrilled. Finally, someone with local roots and a proven track record.
👉 See also: Converting 5 million pesos in dollars: What the exchange rate won't tell you
Then the floor fell out.
By late 2024, Mott-Formicola was caught up in a federal whirlwind involving fraud and money laundering charges. As part of a plea deal, she basically had to hand over the Crescent Beach property to the U.S. government. Suddenly, the "new owner" wasn't a restaurateur; it was the feds. That’s when the Crescent Beach Restaurant Greece buyer speculation really hit a fever pitch.
When the government owns a building, everyone wants to know who is waiting in the wings to snatch it up at a discount.
The Wegman rumors and the "Mystery Business Owner"
You can’t talk about Rochester-area real estate without someone bringing up the Wegman family. It’s basically a law. For months, rumors swirled that Wegman Companies Inc. was looking at the site. It makes sense on paper—they have the capital and the vision. But so far? No signatures. No announcements.
Lately, though, there’s been talk of a "letter of intent" from a different, unnamed Rochester business owner. This is where it gets frustrating. Town officials, including Supervisor Bill Reilich, have had to play it close to the vest. They’ve confirmed there’s a "deal on the table," but they haven't named names.
👉 See also: Canada Import Duty Calculator: What Most People Get Wrong
- The Federal Lien: Any buyer has to navigate the $1.85 million penalty hanging over the previous owner’s estate.
- The Renovation Nightmare: This isn’t just a "coat of paint" job. We’re talking about a decade of neglect, moisture, and code violations.
- The Community Hope: Neighbors just want a place where they can bike over and grab a drink without seeing caution tape.
What’s actually going on with the sale?
Because the property was forfeited to the government, it isn't a normal private sale. It's a process. In mid-2025, reports surfaced that a new contender had emerged, but progress has been slow. Like, glacially slow.
If you're looking for a name to bet on, the speculation points toward established hospitality groups that can handle "distressed assets." You need a buyer who isn't scared of a legal mess. Some think it might be a developer looking to turn the whole thing into luxury condos, but the zoning for that would be a nightmare. Most people are rooting for a return to the classic restaurant-and-venue model.
The reality of "The Greek Connection"
It’s funny—if you search for this online, you’ll sometimes get results for luxury resorts in the Mediterranean. Greece (the country) is actually seeing a massive boom in 2026. The Michelin Guide just expanded there, and places like Santorini are exploding with new investment.
But back in Greece, NY? The stakes feel smaller but much more personal. The Crescent Beach Restaurant Greece buyer speculation isn't about global tourism; it's about a neighborhood losing its soul. It's about whether a legendary spot at 1372 Edgemere Drive can survive the 2020s.
👉 See also: Motilal Oswal Midcap Fund: What Most People Get Wrong
What happens next?
Honestly, don't expect a grand opening next week. Whoever the buyer is, they have to deal with a building that has been "dormant and deteriorating" (the town's words, not mine) for years.
If a deal is truly finalized in early 2026, we might see construction crews by summer. But until that "Sold" sign goes up and the check clears the federal treasury, it’s all just talk.
Actionable Insights for Locals and Investors:
- Keep an eye on Town Board minutes: The Town of Greece is very transparent about planning board meetings. If a new owner wants to change the footprint, it'll show up there first.
- Ignore the "Billionaire" talk: Most of the wilder rumors are just that. The likely buyer is someone local with enough "patient capital" to wait out the renovations.
- Check the Edgemere Drive updates: Local news outlets like News10 NBC have been the most consistent at tracking the court filings. If the federal lien is cleared, the sale is imminent.