Landmark Manhattan Restaurant Files Bankruptcy

by Spence Cooper on 14/09/09 at 11:24 pm

Central Park's Culinary Landmark

Tavern on the Green, the landmark Manhattan restaurant in Central Park that will be taken over by Dean Poll next year has filed for bankruptcy protection.

Bloomberg reports the restaurant’s name, valued at $19 million and in place since its founding by Parks Commissioner Robert Moses in 1934, now will be sold to the highest bidder in bankruptcy court, according to Keith Costa, a lawyer for the bankrupt partnership.

Poll, who operates Loeb Central Park Boathouse, was awarded a 20-year lease for Tavern on the Green by New York’s Parks & Recreation Department. Poll holds the license to operate the restaurant, but Jennifer LeRoy owns the “Tavern on the Green” $19 million name. Poll will meet with representatives of the LeRoys, and if interested, then the name would be sold at auction to the highest bidder. The bankrupt partnership listed assets and debts of as much as $50 million each in the bankruptcy, with more than 200 creditors.

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