Karu & Y's new owner hopes the second time is the charm

The nightclub and restaurant in Miami is expected to reopen next month
Posted on Fri, Jul. 11, BY ELAINE WALKER
ewalker@MiamiHerald

CARL JUSTE/MIAMI HERALD
Entrepreneur Clive Seecomar, who had been a regular patron at the original Karu & Y, is ready to breathe new life into the high-profile venue.Clive Seecomar believes the struggles of Karu & Y have nothing to do with its location on the edge of Overtown.

The Miami telecommunications entrepreneur and his company Seecomar Investments closed last week on a deal to acquire the high-profile restaurant and nightclub complex, with plans to reopen the shuttered facility under the Karu & Y name sometime next month. Seecomar envisions the complex serving as a catalyst for regentrification of the area, comparable to what happened in New York's meatpacking district.

That's a similar vision to what previous owner Elliot Monter had when he opened Karu & Y in October 2006.

Monter wasn't able to see that idea become a reality. He closed the club down last month, tired of losing money.

''I'm an opportunist and I wait for the right moment,'' said Seecomar, who has been in the cellphone business for the last 12 years in both Canada and Miami. ``Timing in every business is key.''

Seecomar, who has no nightclub or restaurant experience, takes over what is one of the most extravagant nightclubs in South Florida.

Monter spent $25 million creating a glitzy complex featuring over-the-top decor and original artwork worth millions. Despite drawing crowds of celebrities and ringing up $8 million in revenue, the complex couldn't generate enough business to turn a profit.

Industry experts say the numbers will work more in Seecomar's favor, as long as he institutes tighter control on costs.

''He's walking in with a small fraction of the overhead, so if he does the same volume he's going to make money,'' said Richard Lackey, a West Palm Beach restaurant broker who represented Monter in the sale.

Seecomar won't say how much he paid to purchase Karu & Y from Monter, but he estimates his total investment including the acquisition of the lease and the name rights, upgrades to the facility and marketing will exceed $10 million.

Karu & Y had been on the market for $6 million and people familiar with the sale say the deal closed for less than half the asking price. Monter did not respond to repeated requests for comment.

The nightclub business is something Seecomar had been targeting for an acquisition for about a year. He had been a regular patron at Karu & Y and was always impressed with the complex's combination of indoor and outdoor venues.

''It has what no other club in Miami has,'' Seecomar said. ``It offers club hopping without getting into your car. I think it's a business that could be very profitable if it's well run.''

Seecomar, 47, was born in British Guyana, grew up in Canada and only moved to Miami and the United States five years ago. Until now, his business focus has been as the owner of several companies that specialize in rebuilding and distributing cellphones, as well as selling cellular accessories. His telecommunication businesses generate about $20 million a year in revenue, Seecomar said.

But he also has dabbled in a variety of other business ventures in Miami. These businesses include European car sales and repairs, private plane charters and this month's launch of a high-fashion label Le Carte Blanche.

What Seecomar says he has learned from his business ventures is strong management skills and how to surround himself with the right people to oversee daily operations.

He is negotiating with a potential operating partner for Karu & Y, who has experience in the nightclub and restaurant industry. He also hopes to cut a deal with a celebrity chef or national chain to take over the restaurant.

''I know how to bring the people in,'' Seecomar said. ``There's definitely a crowd for this place. I don't need the whole world to come here. I just need 2,000 people.''

To bring in those crowds on a consistent basis, industry experts say Seecomar needs to improve on the marketing and find a niche for the complex.

''It can't be just another nightclub,'' Lackey said. ``They need to come up with some exciting formats.''

http://www.miamiherald.com/134/story/600976.html

quote:

''It can't be just another nightclub,'' Lackey said. ``They need to come up with some exciting formats.''

good luck to Clive, hope he succeeds

quote:

Originally posted by DaFreak:

quote:

''It can't be just another nightclub,'' Lackey said. ``They need to come up with some exciting formats.''

good luck to Clive, hope he succeeds

You know that Karu and Y place?

It's nice to see a son of the soil making waves, seems like he knows what he is doing so all I can say is best of luck.

quote:

Originally posted by Chief:
It's nice to see a son of the soil making waves, seems like he knows what he is doing so all I can say is best of luck.

Yu think he is a product of "clannish" indians?

quote:

Originally posted by Sunil:

quote:

Originally posted by DaFreak:

quote:

''It can't be just another nightclub,'' Lackey said. ``They need to come up with some exciting formats.''

good luck to Clive, hope he succeeds

You know that Karu and Y place?

yup been dere a few times, doan like de area it's located

Overtown is ruff

Baseman, According to caribj, Bonus etal, a BIG YES.

Anyway, good luck to the brother and i wish him success!

quote:

Originally posted by baseman:

quote:

Originally posted by Chief:
It's nice to see a son of the soil making waves, seems like he knows what he is doing so all I can say is best of luck.

Yu think he is a product of "clannish" indians?

all dem moder's ass who are uttering those foolish statements are at the back of the bus and will remain there.

Well, this is the spirit that develops a country!