So the first question on everyone's lips is, "What the hell happened?". After all, Ted & Jo's always has a good crowd on the weekdays, is packed Friday-Sunday, and pulls off the rare feat of serving great food (the steak, for example, is vastly underrated) in what is generally a bar setting.

Profits, visibility, location, reputation...all are in great standing.

So what the hell did happen?

As they always say, follow the money. And in the case, the money leads to a story of an unacceptable rent increase in the eyes of Ted and Jo's.

"We could not get an economical, equitable fair deal," explains a frustrated Gerry Farelly, the owner of Ted & Jo's told me Thursday afternoon. "This guy (Takouho Tarpinian, who owns the Madison Hye Group, a developer of residential real estate based in Hoboken and the building where the bar/restaurant is located) has no bearing in reality. He doesn't care and he's phenomenally wealthy. But the numbers that he left us with just wouldn't work for anybody."

"From a business point of view, we're at peace with it because we couldn't afford to be here," Farelly continues in a thick Irish accent. "We're a small neighborhood restaurant and there's only so much we can afford to pay. But no matter what we presented to them, it just wouldn't fly."

"We're probably paying over 20% currently what the square foot market is for commercial space," Farelly says. "And he wanted to increase that, was it by 40%? We've had so many negotiations I can't even remember what the final numbers were. But more importantly, what he wanted was our (liquor) license... we the own license. And he's not getting that."

Farelly then gets a bit emotional when taking in the weight of the situation when reflecting on the venue that he's run every night for 15 years suddenly closing.

"What really, really disturbs me is that there are so many people in this community who are devastated. It sounds hokey and corny...but there's communities, so many friendships within this little place that have developed over the years. It's heartbreaking, it really is. One member of our kitchen crew...his wife is six months pregnant, so we'll try to get him some shifts at Zach's..." (which is also owned by Farelly and is located at 232 Willow Ave.).

Will Zach's business increase as a result of people having nostalgia for the Ted and Jo's atmosphere?

"Zach's is a little different. Our crowd runs a bit younger on that side of town. Zach's is terrific, and we own the building there, so it isn't in danger."

"We opened May 5, 1993. Our lease expired on the 31st of January, 2008. We've been going month to month since and have tried every which way we can to get a deal for years (since 2003) that's fair and equitable for both sides. But he (Tarpinian) believes that he can get crazy, crazy money for his space."

I asked Farelly if despite the dispute and the horrible way the situation ended if he achieved what he wanted to when he poured his first Guinness for customers back in '93.

He pauses: "When we opened up 15 years ago, our goal was to open up a great neighborhood restaurant that would be synonymous with Hoboken. We achieved that fairly quickly. It took on a life of its own. I think it was because of the staff and our customer base and the way people were treated here. People felt safe here, an affinity that's beyond rational.

They could talk to the stranger next to them. We've met people in different parts of the world that know Ted & Jo's...it's really quite amazing."

I then wondered aloud if there's a chance Ted And Jo's will open in another location.

Grace and dignity perfectly describes what Ted & Jo's is all about. It's a place, as the old Cheers song goes, "...where everybody knows your name."

Barring a miracle, it appears that both sides aren't going to budge on the numbers. So if you're around over the next few days, stop by (if you can get in) and appreciate one of Hoboken's last great community venues.

More than beer will be flowing...that's a certainty.