We learn from Eater that Tom Colicchio’s Craftbar (900 Broadway at 20th) will close April 30th due to a 50% rent hike. “The writing has been on the wall for awhile,” Colicchio says. The sister restaurant to Craft has been in the spot for 15 years and serves a slightly more casual (than Craft) New American menu.
Craft itself is safe with its current lease and Eater reports that Colicchio would like to re-open Craftbar in another location, possibly on a second level. The second level concept is one that may become more and more common as ground level rents become more expensive. Of course then you need a very reliable elevator and open stairs. I think it should be a warning sign of a retail bubble (and greed) when a Tom Colicchio restaurant won’t pay the new rent asking price. Exorbitant rent is also a great way to kill a neighborhood of innovative restaurants from new chefs.
If you want to hit Craftbar again before it closes, get in before April 30th.