According to Bloomberg, the skyrocketing rents in New York City is making it hard for fine dining establishments to stay open. Even once big name brands, such as Union Square’s Republic (which will shutter later this year) are closing up shop for good.
Back in 2015, Danny Meyer’s Union Square Cafe has to relocate it’s original location (which was there since 1985) due to the high rent price.
Eater NY says another Blue Water Grill (also located in Union Square) will close its doors, too. Within the next year, the seafood concept will shut down due to its high rent of “$2 million-plus annually.”