BETHLEHEM, Pennsylvania _ Lehigh graduate Yongkang Gao and his business partner, Bill Geddes, recently purchased the iconic south side eatery, Pete’s Hot Dog Shop, and an adjacent three-story building that houses two residential units. They plan to reopen a restaurant in the Pete’s building at 400 Broadway after renovations to it are complete. They also plan to renovate the two residences each of which has its own entrance.

Jeff Barber of Lehigh Financial Group, LLC, in Allentown, arranged the commercial financing so that the partners could purchase the restaurant and residental building which were sold together and make renovations to them.  The purchase price was not disclosed.

Gao hopes the residential units at 406 Carlton Avenue will be ready for occupancy by late summer and the restaurant at the end of August, beginning of September. “We need to do a lot of renovations,” Gao said.

An electrical engineer, Gao, who earned his PhD at Lehigh, had eaten at the hot dog shop a few times while a student. Pete’s which had been at that location since 1937 closed in March. John Mamounas bought Pete’s in 1988 from Teddy Kourpas, whose uncle, Pete Kourpas, opened the business. Generations of Lehigh Valley residents, including Bethlehem Steel workers and Lehigh students, feasted on hot dogs, cheesesteaks, burgers and perogies at Pete’s over its many years.

Gao, who lives in the Bay Area of California where he works for Apple, owns several other residential properties on the south side and was eager to purchase Pete’s and the residential building when he learned they were for sale. Giddes, who is known as Excecutive Chef Billy G, has restaurant experience (including a hot dog truck) and will oversee the renovations and opening of both.  Giddes, who lives in South Jersey, is moving to Bethlehem to oversee the project.

Gao said they had some idea of what they want to do in the Pete’s space, which is small, but haven’t made any decisions yet other than it will be a restaurant.  Geddes said a hot dog will be on the menu “because that’s what people want,” but he expects the menu to be “a little bit of everything.” Geddes is also a contractor and has experience in renovations.

Barber said he is happy that Gao and his business partner will be able to keep the site a restaurant and is confident their new venture will succeed whatever way they go.

Jackie Vasko of Berkshire Hathaway Home Services Benjamin Real Estate of Schnecksville was the listing agent and represented both buyers and sellers.

Lori Lewis and Sonya Bieber of Lighthouse Abstract in Bethlehem assisted with the closing. 

Lehigh Financial Group, LLC is a leading source of innovative real estate capital solutions and financing options for commercial customers. The company, based in Allentown, serves the Lehigh Valley region by providing capital for businesses and investors locally, regionally and nationwide. For more information on Lehigh Financial Group LLC, please see our website at http://www.lehighfinancialgroup.com.

 

Information provided to TVL by Beth Orenstein on behalf of:
Lehigh Financial Group, LLC
122 North 5th Street
Allentown Pa 18102
http://www.lehighfinancialgroup.com/

 

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