Tavern on the Green, Light on the Green
San Jose Bankruptcy attorney comments on the bankruptcy and closure of New York’s Tavern on the Green
Central Park’s landmark restaurant and tourist magnet, Tavern on the Green, raised their glass to their last night of business on New Year’s Eve. The New York institution, formerly a sheepfold before opening as a restaurant in the 1930’s, announced its Chapter 11 bankruptcy filing in lower Manhattan on September 8, 2009, then remained open for á la carte dining and private events, before calling it quits on the very cusp of 2010.
Jennifer Oz LeRoy, CEO of Tavern on the Green, said that “the filing was the result of two factors – the extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew our lease.”
In addition to its uber popularity with visitors to New York and Central Park locals alike, as well as touting silver screen cameos in Ghostbuters, Made, The Out of Towners and Wallstreet and others, it was one of the largest independently run and highest grossing restaurants in the United States, bringing in $38 million and serving more than 700,000 annually.
Unfortunately, its popularity and annual income were not enough to keep the LeRoys, owners since 1974, from filing Chapter 11 bankruptcy, due to its $8 million debt to a noted over 450 accrued creditors. They then lost the city-induced bid of the over the 27,000 square foot space to Dean Poll, owner and operator of Loeb Boathouse Restaurant overlooking the Central Park Lake, who plans a $25 million renovation on Tavern. There is also a dispute over use of the $19 million dollar name, to be decided this month, coinciding with a Guernsey auction to sell off décor and other amenities to pay off the gargantuan debt.
Tavern on the Green files Chapter 11 Bankruptcy Protection, tavernonthegreen.com, September 8, 2009
Lights Out at NYC’s Tavern on the Green, msnbc.com, December 31, 2009
Central Park Movie locations, about.com, January 4, 2010
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