NY's Tavern on the Green restaurant bites the dust

[WriteDown]

Source: Wapo

NEW YORK (AP) - Tavern on the Green, once America's highest-grossing restaurant, is singing its culinary swan song.

The former sheepfold at the edge of Central Park, now ringed by twinkling lights and fake topiary animals, is preparing for New Year's Eve, when it will serve its last meal. Just three years ago, it was plating more than 700,000 meals annually, bringing in more than $38 million.

But that astronomical sum wasn't enough to keep the landmark restaurant out of bankruptcy court. Its $8 million debt is to be covered at an auction of Baccarat and Waterford chandeliers, Tiffany stained glass, a mural depicting Central Park and other over-the-top decor that has bewitched visitors for decades.

Even the restaurant's name is up for grabs. At stake is whether another restaurateur taking over the 27,000 square feet of space, owned by the city, can reopen as Tavern on the Green......

Former Tavern mogul Warner LeRoy, befitting his heritage as son of a producer of "The Wizard of Oz," searched the globe for the whimsical goods after he took over the Tavern's lease in 1973. He died in 2001, leaving the business to his wife, Kay LeRoy, and daughter Jennifer LeRoy.

As the end of the family's operating license approached, the city sought competing bids.

The LeRoys lost to Dean Poll, who operates the stylish Loeb Boathouse restaurant overlooking the Central Park lake and offered to invest $25 million on Tavern renovations. The city awarded him a 20-year license in August, citing his significant capital investment and vision; the new Tavern will incorporate green building technology while a conservatory-style dining space will complement the original Victorian architecture.

Poll also plans an outdoor cafe, bicycle racks and new public restrooms.

The LeRoys, employing more than 400 unionized workers with full benefits, couldn't match that. As the recession hit, they accrued more than 450 creditors.....





Read more: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20091230&id=10950289

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Way to go NYC. :eyes:

[SoCalNative]

1. It's been bought by someone else

but may or may not use the original name

[katty]

2. wow i had my wedding recept there years ago-buh bye TG!

[Bluenorthwest]

3. I used to love to eat there

Silly as that is. Lunchtime. Crystal Room. Later, the Oak Room. End of an era of sorts.

[aquart]

8. Not silly. Food sucked but it fed the soul.

I never recovered from ala carte bread and butter.

[immoderate]

4. A jazz landmark.

I hope it recovers.

--imm

[Zhade]

5. You need to cut this to four paragraphs or the mods might lock it.

NT!

[tech9413]

6. It's been a few years since I went there

The meal was so-so and the service poor. You can get a better meal at half the price in most of the tri-state area. As a landmark, I'd like to see it survive but if you're charging top dollar you'd better offer top quality.

[aquart]

7. Is the site landmarked or isn't it?

If they're selling licenses, who OWNS it?

I don't know if the name Tavern on the Green is as important as the place itself. It is STUNNINGLY beautiful.

[KamaAina]

9. The city owns it

it's inside Central Park. So, basically, it's a concession, like the ubiquitous "dirty water" hot dog carts, only pricier. Indeed the new licensee already operates the Boathouse on the other side of the park.

[aquart]

12. Then what's the fuss?

[0xDEADBEEF]

10. Their business has been tapering off ever since...

They started secretly serving Folger's Crystals instead of their usual blend!

[Gman]

11. That's some nostalgia for me now

I've still got the pics we took at the 1992 Democratic Convention Texas delegation breakfast there. Kept looking out the window for the keymaster.