Craftbar Closes Due to Rent Hike

5df67c2bf0e139e3fad6bdfe0a993cf7

Tom Colicchio’s 15-year-old restaurant Craftbar has closed due to a rent increase initiated by the landlord. Apparently, rent was increased by 50% to $60,000 a month. This narrative is increasingly prevalent throughout New York City as rents continue to rise. And, as we have seen in recent years with the closing of locations like Union Square Café due to similar issues, even the most beloved businesses are not immune to these harsh market realities.

 

You can read more about Craftbar’s closing here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: