Friday, January 16, 2015

The rent is due at the former Back Forty

[Image via]

Back Forty rather abruptly shut down after service on Dec. 21.

Chef and owner Peter Hoffman told Eater that "a difficult landscape and lease uncertainty" led to the decision to close the 7-year-old restaurant at 190 Avenue B near East 12th Street.

The space is now for rent.

Meanwhile, several readers noted that there are "three day rent demand" flyers hanging on the storefront.

There are two. One for the "north store," where the total due rent is $7,800.84 ($3,942 a month) for "rent due and owing" ...

[Photo via Tania Vargas]

... and at the "south store," the total rent due is $11.001.12 ($5,500.56 a month) ...

So if our counting is any good... total rent for the space was $9,442.56. Curious what the landlord wanted to jack up the rent to... if a seemingly popular place like Back Forty couldn't make a go of it anymore...


Gojira said...

Whatever it's going to be, chances are high I will never set foot in the place. Nothing that opens in the EV is geared for folks like me any more.

Boodiba said...

I'm with Gojira.

Anonymous said...

I'm with Boodiba.

-- Lareema

Anonymous said...

If that place could not afford to cover $9500 in rent, something was seriously awry. That basically means revenue from about 20 tables of 4 went to rent.

Anonymous said...

Anon- I'm not sure where you are getting your numbers from.
Back forty probably had a $50 per person check average.
$50 X 4 people X 20 Tables= $4000
It's the EV so probably closer to $40 or $45 so lets say $3600 in revenue.
They used organic and responsible meat and produce whenever possible so their expenses were high.
Restaurants are lucky to make a 10% profit margin but that's including rent so lets say 15% which means $540 of that $3600 wasn't accounted for by other fixed costs. So $540/80 pp (4pp X 20 tables)= $6.75 per person. $10,000 / 6.75= 1481.5 people or about 370 tables of 4 and that's just to break even.