Why an “unusual” number of restaurants closed their doors in first half of 2018

A total of 1,500 seats were taken off-line due to incidents of property damage

New York Weekend Edition /
Jul.July 07, 2018 09:00 AM

Michael Jordan’s The Steak House N.Y.C. (Credit: Carl Mikoy via Flickr)

A spate of Manhattan’s finest eateries closed–temporarily or permanently–due to a range of property damage-related incidents in the first six months of the year.

The disappearance of about 1,500 restaurant seats throughout the borough so far this year would indicate to most insurance brokers an extreme weather disaster, like Hurricane Sandy, according to the New York Post, but there’s no smoking gun.

“This year’s number of closings without a single major storm is unusual,” insurance broker Neil Owens told the Post. That said, a few brokers are pointing fingers as to who’s behind restaurants’ inability to rebound from property damage.

“Honestly, water and the FDNY sometimes do more damage than the fire itself,” MSA Insurance Group broker Myles Share told the Post.

Peter Glazier, co-owner of Michael Jordan’s The Steak House N.Y.C. in Grand Central Terminal, experienced that first-hand when his restaurant had a chimney fire in February. It was the “50,000 gallons of water the FDNY had to pour” into the kitchen that “ruined” the facilities and “destroyed our equipment,” Glazier explained to the Post. [NYP]Erin Hudson


Related Articles

arrow_forward_ios
Two of the eleven properties under threat of foreclosure (Google Maps)
Mack Real Estate Group moves to “strip” club owner of properties
Mack Real Estate Group moves to “strip” club owner of properties
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...