And by the way, that operation grew from doing $1.5 million cash flow pre-pandemic to $3.4 million so, and every restaurant that we acquired in Florida where – we had the land or in Alabama, those dynamics were working. Now they’re working less with a 6% interest rate today than they were when interest rates were 2% or less, I guess. But we were looking to build, at that point, our eyes opened up, and we said, hi, let’s try to buy the real estate and you can’t do that in New York, but you certainly can do it in the locations we were looking at in Florida and Alabama. So, those are the primary situations we look at. Now in Blue Moon, we couldn’t buy the real estate, but we’ve bought an operation that was making $1 million a year to $2.7 million, and we negotiated a 26-year lease, a new 26-year lease with landlord.
So 26 years, it’s not quite the same as owning it, but it’s, pretty close. So those are the situations we’re looking at. They’re one-offs. We’re not going to look at anything that earns less than $1 million. So that’s sort of the jumping off point. But we’ve seen a few things that do much better than that. Haven’t been successful coming to the economic terms that we want to dictate to ourselves, but they’re out there. And I think that’s the way we’re going to grow. Obviously, we have great hopes for to the Meadowlands and that would sort of follow this idea of what we did at New York, New York, if the Meadowlands became casino, I’m sure there are eight to 10 restaurants in there, a few bars and that could be a $50 million, $60 million business for us.
We have a balance sheet that’s – from my point of view, on deleveraged and we also have credit lines beyond that. So we’re prepared to do a bigger deal if one came along. We just haven’t found one with the right economics. So we’re sort of growing marginally with one-offs. But that should be the expectation, honestly, until we show you that we could do something bigger than that.
Unidentified Analyst: I appreciate that, thank you for that color.
Operator: Thank you. Our next questions come from the line of with RMR Capital Partners. Please proceed with your question.
Unidentified Analyst: Hi Michael, great call as usual. All of my – most of my questions were answered thoroughly. I just had a question about the operating lease liabilities. I just want some color. In terms of leases that you guys have signed, are there any corporate guarantees associated with them? Like what portion do you expect that you would own if you had to shut down a restaurant or is that unique to each – location?
Michael Weinstein: We don’t cross guarantee anything here. There are no corporate guarantees on anything we do here.
Unidentified Analyst: Excellent, that was even easy, thanks.
Anthony Sirica: There might be one or two out there, Michael.
Michael Weinstein: Like what, Anthony, I don’t remember – recall any.
Anthony Sirica: Isn’t Robert guaranteed by Ark?
Michael Weinstein: No.
Anthony Sirica: I think there’s one or two, but I’m not sure which ones. I mean, we can follow-up with off-line, Mo.
Michael Weinstein: Yes, I don’t recall anything.
Anthony Sirica: I trust Michael’s memory better than my own so, but I’ll check it for you.
Unidentified Analyst: Thanks so much guys and great call.
Operator: Our next questions come from the line of with JJK Consulting. Please proceed with your question.
