Some passages from the piece...
Rising rents and real estate turnover are hardly new phenomena, but Union Square West, along with other desirable residential areas of New York ... have seen their rents become so prohibitive that most of their restaurants — with the exception of chains, or flagship “loss-leaders” — are forced to move elsewhere.
“When rents go up, it makes the viability of restaurants harder,” said Stephen Sunderland, the senior managing director of Optimal Spaces, a tenant broker in the city. “You have to think of restaurants as artists, or neighborhood pioneers,” he explained. “They come into a neighborhood, it becomes hip, and that’s the source of their demise,” he said. “They create the trends that undo them.”