THERE GOES THE NEIGHBORHOOD
Descending into Lure Fishbar, one enters a world that is at once a fantasy of the moneyed life—the subterranean restaurant’s gleaming teak panels and white leather banquettes call to mind the interior of some billionaire’s yacht—and its embodiment.
A favorite of tech and media moguls, Lure is where the city’s sleek and prosperous come to sup on $46 steamed lobster tail, socialites slurp their weight in oysters and Gwyneth Paltrow goes for dinner with Beyoncé and Jay-Z.
When it opened in 2004, Lure was both the apotheosis and the seeming endpoint of Soho’s transformation from an enclave for scruffy artists into an upscale shopping and dining district. Nine years later, Lure seems, if anything, even more at one with its surroundings, a short walk from Chanel and Louis Vuitton.
So it came as something of a shock when rumors started circulating this spring that Lure was closing because of a massive rent hike. Mom-and-pops have been struggling for decades, of course, and Soho has had more than its share of casualties. But Lure doesn’t fit the profile of a beleaguered small business. Owned by John McDonald, a savvy veteran of New York’s restaurant scene, Lure caters to the kind of clientele that does not balk at paying a lot more for things they deem worthy. Moreover, it had washed into the neighborhood on the waves of gentrification in the first place.
THERE GOES THE NEIGHBORHOOD
Gentrification has taken hold in every corner of the city over the past decade or two, but few places have felt it as acutely as Harlem. Demographics, tastes and prices are all shifting and skewing, for better and worse, often all at once. Last week at Harlem’s Studio Museum, a confab of the neighborhood’s business owners and power brokers came together to try and figure out what comes next for their community.
Hosted by the Harlem Park to Park Initiative, a self-styled community improvement association and business alliance, the conference brought together city officials, real estate developers and noted executives from the dining, hospitality and entertainment worlds. Among them were the CEO of the country’s largest African-American real estate development company, R. Donahue Peebles, and Tren’ness Woods Black, the third-generation owner of Sylvia’s Restaurant.
Michael Bloomberg bolstered his reputation for focusing on productivity during a State of the City speech whose unifying thread was his vision of running New York City as efficiently as possible. The city has endured the recession better than the rest of the country, and Bloomberg focused on policies he said would continue to stimulate Read More
President Barack Obama has signed a $30 billion bill that provides tax cuts to small businesses and endeavors to help small businesses borrow money. The thinking goes that tight credit markets have made it hard to get loans, and government intervention can help. The jury’s still out as to the merits of Read More
Federal bankruptcy filings are up 322 percent citywide compared to the same period last year, according to a report in Crain’s New York, not the most promising of trends amid this year’s economic turmoil.
There were 335 bankruptcy filings in New York City, in comparison to 104 in the same period last Read More