The owners of Lucca Ravioli Co. have completed the sale of their three buildings on the corner of 22nd and Valencia streets for a shade above $7 million, marking the first time since 1925 that the family that started Lucca Ravioli Co. will no longer be in the Mission District.
“It’s been a journey,” said Lucca Ravioli Co. owner Michael Feno when reached by phone.
Feno’s three buildings, sitting on a single block, were sold at separate times throughout the spring and summer to three separate buyers. The three buildings and their land were assessed at a total of $713,584.
The building out of which Lucca Ravioli had operated for nearly a century, was sold for $1.7 million to an Edward and Virginia Plant III, Jaqueline Moskowitz, and the Woodberry Revocable Trust. The deed transferred on April 30, the day Lucca sold its last box of ravioli.
The six-unit apartment building next door at 1102-1110 Valencia St. was sold in July to Battlett Streets Apartment LLC and Valencia Ventures LLC for $3.125 million. And the three-unit apartment next door at 1114-1118 Valencia sold in May to Terrilyn Wong, Hanson Li, and the HTMC LI 2018 Family Trust for $2.2 million.
All told, Feno and his family made $10 million, after he had sold an adjacent parking lot for $3 million in August 2018. The lot is slated to become a five-story building with 18 housing units.
Feno, who is 64, said the decision to cash out came two years ago, when he assessed the costs of what he characterized as an inevitable remodel of the store. He said the costs would have “tremendously changed the business” and predicted prices would have skyrocketed to make up for the expenses. “What am I gonna do — charge $40 a box for raviolis?” he said.
The sale was the conclusion of a family journey that began with Feno’s great uncle, Francesco Stanghellini, who opened Lucca on the corner of Valencia and 22nd streets in 1925. By Feno’s telling, Stanghellini’s son John (Feno’s uncle) came back from the war “full of energy,” took over the business from Francesco, and eventually spun off a packing business, Lucca Packing Co., in South San Francisco. That prompted the younger Stanghellini to sell the ravioli business to Feno’s father in 1967.
But Feno’s father “didn’t like real estate,” Feno said. “My uncle John offered it to him for a song and my father kept saying ‘no.’”
The buildings eventually passed out of the family — sold to an attorney who, over the years, “over-leveraged” himself amid the growing inflation in the late ‘70s and early ‘80s, according to Feno.
That’s when a real estate agent told Feno’s father he’d be a “fool” to decline buying the property. “My father finally broke down and bought the real estate,” Feno said. Real estate agents can get real estate leads as well.
And it ended up paying off. Feno is now able to retire. Although he said he’s still “winding down Lucca” because of “business complications,” he’s spending most of his time on a 1.7-acre “hobby” farm in Sebastopol, where he grows fruits and vegetables.
Can we get the recipe for the meat sauce and the spinach ravs?
So much Hate! In the inmortal words of Rodney King, ” Can We just get along”. Judy, I think what We have here is a failure to Communicate…
10 Million is not even that much in SF. It takes 5 million to buy a nice 3 bedroom apartment at the Mira and then the other 5 million to pay the taxes and HOA fee every month.
Hey Sam. Enough whining . Be happy with what you have. If you want more, go work and provide these benefits for your future generations.
Hard working Italian families deserve to pass the fruits of THEIR labors on to the next generations. They were the great immigrants. Not looking for a handout, learning the new language and wanting to assimilate into AMERICA. Not at all like the current crop of multi generational welfare freeloaders who refuse to embrace the American dream of self sufficiency and cling to the degeneracy and corruption of their socialist gulags. Viva Italia! Viva Christopher Columbus!!
Didn’t realize they personally poured the bayfill upon which their land was surveyed.
Nice work on the trolling there Judi! By the way, it is obvious using any of the free online text based gender determination tools that you are a man using a fake woman’s name. I suggest you have the courage to use your real name if you are going to try to troll. It just makes you look weak. Keep grinnin’!
Hi Judi –
…And Mexicans, El Salvadorans, Guatemalans, Nicaraguans, Canadians of Indian descent, etc., who are “hard working…great immigrants [and who are] not looking for a handout”; and who have also managed the ‘twists and turns’ of others’ preconceived notions of them – not to mention the others’ preference for homogeneity. Viva AMERICA! Viva DIGNITY!! Viva HARD WORK!!! Finally, VIVA TO RECOGNIZING THAT WE’RE ALL IN THIS TOGETHER!!!!
Judi, as a fellow italian-american…if you can’t see our ancestors faces in the hard working immigrants of today, you’re doing it wrong. Also, columbus never even set foot on this particular piece of land, and hoo boy we have way better representation to choose from. Hush…you’re embarrassing your paesani!
Nothing wrong with parents working hard so that they can leave something for their children. I am sure this was taxed when it was transferred to him by his father and again taxed when it was sold. We can argue if these taxes are enough or not but your snide comment just reeks of envy. This is coming from me who did not inherit any land or huge sums of money but would like to leave something nice for my kids, that’s why I work hard and why I say kudos to this Feno family.
Good going, Mike. Congratulations! Lunch on you? Relax and enjoy life.
Good to be born into generational real estate wealth, eh?
I don’t think they were thinking that way back then, eh?
It wasn’t “generational real estate wealth” when he was born, buddy. Hell, wasn’t even “generational” or even “wealth” until 20 year ago or so, at which time I’m guessing all his ancestors were already dead. Guy also put over 50 years of sweat into the business that made it possible. You sound like a sad, envious little person.
I’m thrilled when I read stories like this. A bit envious, but thrilled none the less.
Some are just bitter.
It would have been nice if they had kept the business going instead of just selling out / cashing out.
but oh well.
why? nice for you or them? they worked an entire lifetime now they want a chance to enjoy life before they die. people don’t like change and want things to stay the same – thats not their responsibility.
Geez, calm down. I agree it would have been nice for it to keep going too. It was Micheal Fena’s ultimate decision, but it would have been nice if he sold it as a “going concern”, he retires with a bit of money, the business keeps going under new management… what’s wrong with wishing that had happened?
It’s good luck but it should be noted this guy has likely worked almost every day of his life to keep that business going