{"id":358193,"date":"2021-10-26T18:17:07","date_gmt":"2021-10-26T15:17:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nycs-restaurants-are-making-a-comeback\/"},"modified":"2021-10-26T18:17:07","modified_gmt":"2021-10-26T15:17:07","slug":"nycs-restaurants-are-making-a-comeback","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nycs-restaurants-are-making-a-comeback\/","title":{"rendered":"#NYC&#8217;s restaurants are making a comeback"},"content":{"rendered":"<p>&#8220;<strong>#NYC&#8217;s restaurants are making a comeback<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Il Postino, a two-decade fixture of Midtown East, almost went under.<\/p>\n<p>When the Waldorf Astoria, a key source of covers, was shuttering for a condo conversion, Il Postino owner Luigi Russo knew he had to move fast, so he hired Douglas Elliman\u2019s Matt Leto to find him a new home.<\/p>\n<p>They scored a prime perch: a second generation, 3,547-square-foot space at 133 E. 61 St. once home to Nanni Il Valetto. It was asking $32,000 per month but Leto had argued that down by 20% or so. Then the pandemic hit, just as the lease was ready to sign. Russo didn\u2019t balk, but instead asked Leto to haggle harder.<\/p>\n<p>\u201cThere were nerves, but he knew this would be the right thing,\u201d Leto tells The Post, noting that he scored some extra concessions, including reducing the rent by half for the first year to seal the deal last October. \u201cBut you wouldn\u2019t be able to score a deal like that now,\u201d Leto warns.<\/p>\n<p>That\u2019s because Manhattan\u2019s pandemic-primed restaurant-pocalypse never really came to be. Of course, 2020 was a tough year for F&amp;B in NYC \u2014 stats from tracking firm Datassential showed 82 spots in Manhattan shuttered in Q3 2020, including classics like the 21 Club. But a year later restaurants have rallied: We lost just 27 caf\u00e9s and restaurants in that same quarter in 2021.<\/p>\n<p>Restaurant leasing has always been a buoyant sector in New York, according to CBRE\u2019s data: F&amp;B tenants have typically been among the most active category and since 2010, they\u2019ve represented between 25% to 39% of transactions.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Exterior of 109 West Broadway.\" class=\"wp-image-19919225\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Crew Restaurant Group is bringing an oyster bar to 109 West Broadway.<\/figcaption><figcaption><span class=\"credit\">Costar<\/span><\/figcaption><\/figure>\n<p>Gloomsters might do a spit-take, but that\u2019s still true, with 65 lease transactions so far this year, repping around a third of the total.<\/p>\n<p>\u201cRestaurants are taking space left, right, up, down and center,\u201d said Retail by MONA\u2019s Brandon Singer. \u201cYou\u2019re seeing that all over the place.\u201d<\/p>\n<p>Some areas are particularly buzzy \u2014 Tribeca, for example.<\/p>\n<p>\u201cIt\u2019s the trifecta: A residential neighborhood that touches an office area, and when tourism comes back, people will go to the World Trade Center,\u201d says CBRE F&amp;B-focused broker Spencer Levy.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-4.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Exterior of 355 Greenwich Street.\" class=\"wp-image-19919235\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-4.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-4.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-4.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Le Salon scored 355 Greenwich St.<\/figcaption><figcaption><span class=\"credit\">Chanson Le Salon<\/span><\/figcaption><\/figure>\n<p>One spot ready for all three: Crew Restaurant Group\u2019s new space, a 1,500-square-foot lease for an oyster bar at 109 West Broadway wrangled by Lee &amp; Associates \u2014 it paid market rate, but with a free rent concession to open early 2022.<\/p>\n<p>Le Salon brasserie will be serving sooner, in November this year, on the corner of Greenwich and Harrison streets, with a 2,200-square-foot ground floor and 1,940-square-foot cellar. The new tenants demolished and redesigned the site after taking over and signing a 10-year lease.<\/p>\n<p>The size of Le Salon is the sweet spot right now, per CBRE\u2019s Levy: every would-be tenant, he says, wants spaces 3,000 square feet or smaller. They also insist on second generation spaces, an easy shortcut to minimizing startup costs since the basics for cooking, and the vital permits, will be in place.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Outdoor shot of Mermaid's Oyster Bar. \" class=\"wp-image-19919214\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bivalve fans enjoying the fare at Danny Abrams\u2019 new Mermaid Oyster Bar location at 89 MacDougal St. in Greenwich Village.<\/figcaption><figcaption><span class=\"credit\">Stefano Giovannini<\/span><\/figcaption><\/figure>\n<p>\u201cI would never do a build out \u2014 raw space is really exciting, but unless the landlord is building it for you, why would you look at anywhere at this point?\u201d said Mermaid Inn\u2019s Danny Abrams, who just shunted his Greenwich Village oyster bar and reopened at 89 MacDougal St. on the corner of Bleecker in the onetime JG Melon space.<\/p>\n<p>Look too at Jack &amp; Charlie\u2019s no. 118 on Greenwich Avenue: It commandeered the Rossopomodoro space for a supper club-inspired spot opening late October, with reduced rent concessions sweetening the deal. Douglas Elliman\u2019s Matt Leto says at least 75% of the deals he\u2019s striking are structured to offer major concessions for the first couple of years, before trad pricing kicks in at year three.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote><p>\u201cThere\u2019s a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> of chicken going on. \u201cThe closer it gets back to normal, the more the landlords hold on. There was room to move in 2020, but that\u2019s tightening up a little in 2021.\u201d<\/p>\n<p><cite>Danny Abrams, owner of Mermaid Inn<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>Then there\u2019s the Open Streets program, which lets restaurants open Euro-style sidewalk cafes. It was created as a pandemic-era band-aid but has been extended \u2013 at least for now; details of a permanent program are emerging, but hazy. \u201cI lost a deal this year because someone outbid us \u2014 we were too conservative in our offer, and they were betting on the number of outdoor seats,\u201d said CBRE\u2019s Levy, noting that this was a site on two streets, maximizing that offer. \u201cI think there\u2019s a real reason to pay a premium for corners.\u201d<\/p>\n<p>Mermaid Inn\u2019s Abrams has seen such standoffs firsthand.<\/p>\n<p>\u201cThere\u2019s a game of chicken going on,\u201d he said. \u201cThe closer it gets back to normal, the more the landlords hold on. There was room to move in 2020, but that\u2019s tightening up a little in 2021.<\/p>\n<p>Abrams notes, though, that 2022 could look very different: the pandemic-related eviction moratorium finally expires in January.<\/p>\n<p>\u201cThere\u2019s gonna be a lot of spaces available then,\u201d he said.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/10\/26\/chew-on-this-nycs-restaurants-are-making-a-comeback\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#NYC&#8217;s restaurants are making a comeback&#8221; Il Postino, a two-decade fixture of Midtown East, almost went under. When the Waldorf Astoria, a key source of covers, was shuttering for a condo conversion, Il Postino owner Luigi Russo knew he had to move fast, so he hired Douglas Elliman\u2019s Matt Leto to find him a new&#8230;<\/p>\n","protected":false},"author":1,"featured_media":358194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/cre-restos-1.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[118036,72881,70344,88979,22512],"class_list":["post-358193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-26-21","tag-commercial-real-estate","tag-coronavirus-in-ny","tag-italian-food","tag-restaurants"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=358193"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/358194"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=358193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=358193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=358193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}