Bar biz stays bright
July 29, 2009 03:30PM
By Christopher Faherty
The Gates Bar, at 290 Eighth Avenue, opened in May
From the July issue: Alcohol is said to be recession-proof. Drinkers are just as likely, if not more likely, to indulge in bad times as they are in good.
But what better way to test how that age-old adage is holding up in New York than by looking at real estate prices for watering holes here during one of the worst recessions in decades?
Unlike most citywide retail rents, which have dipped of late, rents for properties that house the city's taverns, bars and clubs have for the most part only leveled off, according to brokers who work in the nightlife arena.
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