Two Cipriani locations dodge foreclosure

Last call appeared to be in sight for two Cipriani locations, but the Italian eateries are ready to keep the carpaccio coming. The outposts dodged near-foreclosure by securing a $52.1 million commercial mortgage-backed securities loan secured a modification, the Commercial Observer reported. The senior debt is backed by the Cipriani locations at 110 East 42nd Street and 55 Wall Street. Cipriani defaulted on its loan in May 2020 and made its last payment in July

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Eric Adams shreds dining sheds as city weighs permanent program

Mayor Eric Adams is taking a chainsaw to a couple dozen outdoor dining sheds as the city weighs permanent plans for the temporary structures. Adams announced a crackdown on abandoned dining sheds at a news conference on Thursday, Crain’s reported. The mayor said sheds are dangerous or a haven for rats, and he wanted to root out those who use the sheds for illegal behavior. Deputy mayor of operations Meera Joshi said a task force

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L&L’s 425 Park Ave cooking up Jean-Georges restaurant

One of the most talked-about men in Manhattan real estate these days isn’t a developer or star broker — it’s a celebrity chef. Jean-Georges Vongerichten is making another major move, agreeing to open a 14,000-square-foot restaurant at L&L Holding Company’s new trophy officer tower at 425 Park Avenue, the New York Post reported. The restaurant is expected to open next year. The restaurant will have a main dining level on the mezzanine with a 1,000-square-foot

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Jean-Georges’ Mercer Kitchen closing after 25 years

As one kitchen door opens, another is slamming shut. Chef Jean-Georges Vongerichten’s Soho restaurant Mercer Kitchen is closing at the end of the year, Eater reported. While the restaurant at 99 Prince Street is shuttering after 25 years of operation, it’s not clear if JGR will still provide room service to the Mercer Hotel. “A great run,” Vongerichten said of Mercer Kitchen’s quarter-century as a celebrity spot and communal dining innovator. The burners may not

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Howard Hughes buys stake in Jean-Georges

Don’t bite the hand that feeds you. But you can certainly invest in it. The Howard Hughes Corporation purchased a 25 percent stake in Jean-Georges Restaurants, the New York Post reported. The restaurant empire of celebrity chef Jean-Georges Vongerichten spans 40 restaurants, including the Tin Building at the Seaport, which is set to partially open this month. Hughes paid $45 million for the minority stake in the business, and another $10 million for an option

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Central Park Boathouse to shutter as financials sink iconic restaurant

Central Park’s Loeb Boathouse is shuttering again, but this time it appears the doors will close for good. Owner Dean Poll filed notice with the state that the restaurant would close by Oct. 16, Patch reported. The closure will result in all 163 employees being laid off. Poll cited in the filing rising labor and goods costs as the reason for the permanent closure. “The Boathouse is a beloved place in the city of New

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Chick-fil-A hatching in Midwood

Chick-fil-A is reinventing its New York City retail menu, attempting its first ground-up development in the city. The fast food chain signed a 20-year, 6,000-square-foot lease at 1573 Flatbush Avenue in Brooklyn’s Midwood location, the New York Business Journal reported. The site is owned by Marx Realty. The asking rent for the lease wasn’t disclosed, but the outlet noted rents in the area tend to fall between $90 and $125 per square foot. The site

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No soup for you: Hale and Hearty appears to bite the dust

Office workers are trickling back into New York City, but one of the city’s favorite lunch spots doesn’t appear poised to feed them. Hale and Hearty appears to have closed, the New York Post reported. The chain, best known for its soups and sandwiches, had 16 locations across Manhattan, Brooklyn and Long Island. Signs on the windows of some say the closing is temporary, but the company hasn’t said anything publicly about what’s happening. The

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Acclaimed restaurateurs claim street-level spot at Tishman Speyer’s Spiral

Tishman Speyer continues to fill out the space in its Spiral, welcoming acclaimed restaurateurs into the fold at its Hudson Yards tower. The team behind the Llama Inn in Williamsburg and Llama San in the West Village are leasing a 6,000-square-foot street level space at 66 Hudson Boulevard, the New York Business Journal reported. The restaurant will have both an indoor dining room and outdoor seating. Terms of the lease were not disclosed. Annual asking

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RIPCO makes restaurant play with brokerage merger

RIPCO Real Estate is widening its interest in the restaurant business. RIPCO acquired restaurant brokerage Branded Concept Development, the Commercial Observer reported. Terms of the acquisition were not disclosed. Under the terms of the acquisition, BCD and its four New York City-based brokers will remain an independent entity and expand into more markets, including New Jersey, Long Island, Connecticut and Florida. BCD CEO Andrew Moger will take on the title of RIPCO vice chairman. BCD

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