Upscale dining gives way to street food

While fancy restaurants close, some innovative and moderately priced eateries and bars expand, taking advantage of weakened retail competition

From the June issue: There is no disputing New York’s status as one of the world’s key culinary capitals. Indeed, news of restaurant openings gets reported on foodie blogs before the ink is even dry on the lease. But the recession has unequivocally altered how often New Yorkers eat out (needless to say, for many, seven nights a week is now out of the question) and where they’re willing to spend their hard-earned cash. White-tablecloth restaurants have, not surprisingly, seen the worst of it, and the new restaurants that are taking advantage of market conditions and opening now have far more moderately priced menus. For more on which neighborhoods are faring best and worst when it comes to attracting restaurants and bars, what sorts of changes brokers are seeing, and what kinds of negotiations are taking places between tenants and landlords, we turn to our panel of experts. [more]