Craftbar Closes Due to Rent Hike

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.