By Melony Roy

By Melony Roy

PHILADELPHIA (CBS) — After 26 years of operation, a venerable restaurant on Broad Street will close Friday.

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Varalli Restaurant has been a staple on the northeast corner of Broad and Locust for over 25 years. The building, which currently houses Varalli’s and its sister restaurant Perch Pub on the second floor was recently sold and now slated for demolition.

“This corner is a great place, it’s been my view for the last 26-27 years and I’ll miss the view, the customers and the staff,” said owner Joe Varalli.

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Varalli will serve its final dinner Friday, July 3rd but the Perch Pub will stay open until the spring of 2016.

“We’re hoping to see everyone and say goodbye. We will truly miss the folks that made all of this possible,” said Varalli.

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If you’d like to own a piece of Varalli, there will be an auction in July to sell the restaurant’s content including the giant squid hanging over the bar, a baby grand piano, and commissioned art pieces.