Rents Continue to Increase for NYC Restaurants

NYC is the arguably the most famous culinary city. However, the real estate is also notoriously expensive. According to a recent survey by Zagat, 82 restaurants closed over the past year, which is almost twice from the year prior. Most of these restaurants are getting not replaced by other restaurants but rather popular banks. However, the restaurant permits have increased by more than 27%, with 23,703 permits at the start of the 2015 fiscal year.

Milk & Honey's location in lower east side, one of NYC's most popular cocktail bars is moving to a smaller location. Are more bars and restaurants going to just going to move to smaller or less developed areas?  Does this mean that the culinary scene will just spread to across the city? So is the culinary scene really in trouble? Or are NYC restaurants and bars just going to continue to close and be replaced by non-food and beverage businesses? Read More