Wondering where the business has gone
Today, we went for to lunch and dinner at two of the better restaurants in town. At lunch, I was hungry for a decent burger, and we went to a top steak house, The Palm and there were about two other customers in a restaurant that seats around 250. At dinner, we went to our old standby, The Duane Park, and the place was empty. Where has everyone gone? Meanwhile, the street vendors don’t look like they’re doing very well either.
Jeff
“At lunch, I was hungry for a decent burger, and we went to a top steak house, The Palm and there were about two other customers in a restaurant that seats around 250.”
We used to take customers to dinner at Palm Too (across the street from The Palm) and the place was always lousy with Wall Streeters.
Penn State Clips
July 7, 2009 at 4:42 am
I’m working this Summer in Nantucket and business is way down. Reservations are not needed at any restaurant. This “recession” is far from over and has not turned the corner. It’s hitting everyone from ex-Wall Streeters who used to throw cash all over the island to the seasonal workers who used get 70-80 hours a week here in the Summer or work 2 jobs. The well is dry. People forget that debt is spending tomorrow’s earnings. This country has spent at least 10 years worth and the economy will be dead and dusty until the debt load is paid down or personal incomes catch up with inflation.
Mark
Mark
July 7, 2009 at 12:00 pm
Three anecdotes: (One bearish, one bullish, one middle)
1) We just rented a gorgeous beach house right on the ocean in Martha’s Vineyard — I offered 25% below the asking price for a desirable block of time — and they accepted my offer without negotiating.
2) The car ferry to/from the Vineyard is booked up — as it usually is during the peak season.
3) The beautiful Chatham Bars Inn (on Cape Cod) seems to be 95% booked during the peak summer weeks. It’s usually 100% booked, and they haven’t lowered prices. (I heard that the hotel was purchased by private equity and is struggling financially.)
On your burger anecdote at the Palm: This is probably an accurate indicator of the reduction in business lunches. Most of us (who watch our diet) don’t pop in to the Palm for a quick burger! In my area, most of the good restaurants are very busy on Friday and Saturday nights — however, I reckon that weekday traffic is down sharply. Likewise Broadway theatres on the weekends are booked — but I don’t know about weekdays.
You should visit the Carnegie deli for a pastrami sandwich for another data point.
Rocky Humbert
July 7, 2009 at 12:56 pm
Rocky,
I had a pastrami sandwich from the Carnegie Deli a couple of weeks ago….what an experience. While it was great, I find it hard to believe that one could eat more than one of those a month without serious health consequences. I guess that place is always packed and it must be the quality and value that keep them coming back recession or not.
When are you going to the Vineyard and for how long?
We’re going to a Mets game tonight.
Jeff
masteroftheuniverse
July 7, 2009 at 1:45 pm
Rocky: “You should visit the Carnegie deli for a pastrami sandwich for another data point.”
I gotta go with Katz’s on Houston as New York City’s best deli.
Penn State Clips
July 7, 2009 at 2:18 pm
Jeff: “We’re going to a Mets game tonight.”
Jeff, you’ll have to give us a review of Citi Field.
Penn State Clips
July 7, 2009 at 2:19 pm
Jeff:
We went to a Yankees game (at their new stadium) recently and had incredible seats. There were four memorable aspects:
1) It didn’t rain.
2) The Yankees won.
3) The tickets included an all-you-can-eat buffet that remained open throughout the game. The food was first rate (everything from hot dogs to rack of lamb). It was reminiscent of the late-night all-you-can-eat buffets that Vegas had (before the 1990’s). They also brought unlimited, food and drink to your seats during the game (including cracker jack and peanuts). The stadium has some nice features, e.g. the restrooms had tv screens built into the mirrors over every sink, and the sound system is excellent.
4) The stadium has a huge new scoreboard wall which seems to result in more home runs … since the wind doesn’t blow in from the outfield anymore. Also, they left the subway cars visible in the outfield, which is a nice touch.
I was impressed…will be interesting to hear your impression of the new Shea stadium. (Sorry, I’m always going to call it Shea stadium. Just like my mom always called JFK Airport, “Idlewild.”)
Rocky
Rocky Humbert
July 7, 2009 at 3:32 pm
Rocky: “The tickets included an all-you-can-eat buffet that remained open throughout the game. The food was first rate (everything from hot dogs to rack of lamb). It was reminiscent of the late-night all-you-can-eat buffets that Vegas had (before the 1990’s). They also brought unlimited food and drink to your seats during the game (including cracker jack and peanuts). The stadium has some nice features, e.g. the restrooms had tv screens built into the mirrors over every sink, and the sound system is excellent.”
Wow, how much did you pay for those tickets? There are always plenty of empty premium seats when you see highlights on TV. Wall Street’s decline is hurting the Yankees.
“I was impressed…will be interesting to hear your impression of the new Shea stadium. (Sorry, I’m always going to call it Shea stadium. Just like my mom always called JFK Airport, ‘Idlewild.’)”
For the love of God, no!!! I went to many games at Shea when I lived in New York (usually in seats from somebody’s clearing firm) and the place was a dump. But if you’re truly going to go old school, why wouldn’t you call it “Polo Grounds,” which was the Mets first home?
Penn State Clips
July 7, 2009 at 4:06 pm
@Penn State: You are correct, the Yankees have been forced to discount (buy 3, get 1 free) those “Legends” tickets — but unless you go through stubhub, single tickets are not for sale.
But even for the least expensive seats, the cost of train fare, parking, a beer and a hot dog — makes it an expensive proposition. I’m happy that the firm that gave me these tickets also routinely donates them to charities (to auction off) and underprivileged kids.
“But if you’re truly going to go old school, why wouldn’t you call it “Polo Grounds,” which was the Mets first home?”
While you are correct that the Mets played their first two seasons at the Polo Grounds, it was never their “home,” but rather a temporary waystation until Shea stadium was ready. Likewise, the NY Giants (football) used the Yale Bowl as their home field in 1973 and 1974 while Yanke Stadium was being renovated, but I doubt you (or my mom) would confuse the Yale Bowl with the Meadowlands. Boola-boola.
Rocky Humbert
July 7, 2009 at 4:56 pm
Jeff – Around here most restaurants, hotels etc. seem to have scaled back their offerings in terms of price & what you get for the price.
It appears that people have scaled back their purchases to a lower price point. I just spoke to my sister in law who was vacationing in Traverse City, MI & she said that the higher end resorts were pretty much empty while the cheapies were all booked out with no availability at all.
Anyone else seeing similar things?
Eric D
July 7, 2009 at 6:11 pm
I am planning a road trip for my family right now, and booked a room at a pretty posh hotel right on the Gold Coast of Chicago…..for $79 a night!!! Rooms usually start at $250 at this particular establishment…..methinks that people are just scaling back on eating out, traveling, etc. A friend works for Hilton and she tells me that the Hotel industry is just bleeding right now.
Jennifer S.
July 7, 2009 at 10:52 pm
agree with Penn State – Katz for deli sandwiches beats anything uptown – re burgers, many places are better than Palm
and for steakhouses, the answer will only come from the next trip to Luger’s – if they’re down, we are all in deep trouble
Has anyone tried Jim Lahey’s (Sullivan St Bakery) new pizza joint over on 9th?
fatbear
July 8, 2009 at 2:44 am