New York Buzz -- Tavern on the Green Reopening Faces Funding Problems

 

Sad news for New Yorkers today: The Post is reporting that Tavern on the Green, the iconic erstwhile Central Park restaurant that shuttered several years back but was due to return, is already running out of funds.

Philadelphia-based restaurateurs Jim Caiola and David Salama need more money to cover operating costs at the landmark eatery when it re-opens later this year after their financial backer tightened the purse strings, the paper claims. A "hospitality industry insider" confirmed he was approached by Emerald Green to help find an alternative cash supply.

Emerald Green aims to open Tavern’s doors to the public in November or December. The city is spending $10 million to restore the buildings to their original 19th century state with new landscaping and an outdoor terrace, while Emerald Green is paying for up to $10 million of interior work. Under a 20-year license agreement with the Parks Department, Emerald Green will pay the city the greater of $1 million or 6 percent of revenue the first year, rising to $1 million or 15 percent annually in later years.

The city still plans to turn the keys over to Emerald Green in July, and sources emphasized the cash shortfall has not interfered with the company’s ongoing construction and cooperation with city agencies. Although smaller than the old Tavern, the new eatery will still have 600 seats indoors and out.

 

 

 

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