Celeb-friendly Soho eatery is in jeopardy
The 400-seat Barolo eatery in Soho — popular among stars and business executives alike — faces an uncertain future. Bloomberg reported that its owner, Barolo Ltd., filed yesterday for bankruptcy protection at U.S. Bankruptcy Court in Manhattan, claiming it faces eviction.
According to court filings, the restaurant listed its assets and as much as $10 million in debt. The restaurant has been in business for 25 years, said Paolo Secondo, Barolo Ltd.’s president and sole stockholder. Filings show the restaurant has been paying reduced rent with the landlord, who was not identified, since 2004. Currently, rent costs $110,000 per month on a lease that expires in 2018.
However, two years ago, the restaurant’s landlord demanded owed back rent and now asserts that the restaurant is now worth more and the space should yield higher rent. [Bloomberg via Crain’s]