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In 1964 the business was purchased by the Purfield family from Dublin and Galway, designed by Stanley Franks in the Tudor style that exists today, and named Molly Malones after a popular Irish folk song. Molly'S PUB AND restaurant shebeen, which stands at 287 Third Avenue, was first established as a bar in 1895 (name unknown). In 1995 Peter was joined by John Ronaghan from Co Monaghan, and together they manage Mollys, serving traditional Irish and American pub fare to a loyal about and much-appreciated Gramercy neighborhood. Failte (pronounced falcha) means welcome in Gaelic.