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...

at

5 comments:

  1. GojiraJanuary 16, 2015 at 9:23 AM

    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.

    ReplyDelete
  2. BoodibaJanuary 16, 2015 at 9:57 AM

    I'm with Gojira.

    ReplyDelete
  3. AnonymousJanuary 16, 2015 at 11:33 AM

    I'm with Boodiba.

    -- Lareema

    ReplyDelete
  4. AnonymousJanuary 16, 2015 at 12:19 PM

    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.

    ReplyDelete
  5. AnonymousJanuary 16, 2015 at 1:54 PM

    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.

    ReplyDelete

Your remarks and lively debates are welcome, whether supportive or critical of the views herein. Your articulate, well-informed remarks that are relevant to an article are welcome.

However, commentary that is intended to "flame" or attack, that contains violence, racist comments and potential libel will not be published. Facts are helpful.

If you'd like to make personal attacks and libelous claims against people and businesses, then you may do so on your own social media accounts. Also, comments predicting when a new business will close ("I give it six weeks") will not be approved.