After nearly two years at at 199 Second Ave., the Japanese restaurant Pado has closed here between 12th Street and 13th Street ... though the owners vow to find another location.
In announcing their closure in an Instagram post, the owners cite a familiar foe — the landlord.
The restaurant industry during this pandemic has experienced unprecedented challenges and all of us had to fight hard to save our business and jobs. Since March, Pado team has been working tirelessly to remain in business. As much as we wanted to remain open, we unfortunately could not find an agreement with our current landlord at 199 2nd Ave.
Pado emerged between compassionate and like-minded foodies with big dreams to make it in NYC. Our passion still remains intact and we will not let this pandemic change that. It pains us to announce our closure for 10/1, but we will strive to find a new place and we will share this information as soon as it is available for you.
We want to thank all of our customers for your love and support. The pandemic did really bring out the best in people, and your kind words and support have been the biggest driving factor for us.
We will see you again, we promise.
H/T Vinny & O
1/4 indoor dining does not pay the bills.
ReplyDeleteIt is for just one month.
DeleteDamn. I really wanted to try this place. Second ave is a ghost town now. :(
ReplyDeleteThe big question regarding landlord rent issues is...
ReplyDeleteIf the the restaurants are forced out, who else will come in and rent that space? Another restaurant? Highly doubtful at those prices and with these lean times.
So if the landlord chooses to sit on an empty space, rather than negotiate some interim agreement, how's does that help the landlord?
Is it greed, stupidity or something else?
Landlords often can't discount rent because lower rents affect the value of the building. They have to make up the difference in value to their investors immediately. But the missing rent can be added onto the backside of the mortgage. From a cash flow perspective, keeping a space empty is a lot easier for a landlord to do than discounting rent.
DeleteRent is generally around 10% of a restaurants cost. Labor is 33%. Sushi also is not doing well in this environment. You are not able to see the chef making the sushi.
ReplyDeleteI think by now you could add Drunken Dumplings on 137 First Ave to the list.
ReplyDeleteThey had a draw problem even before the pandemic.
ReplyDeleteFrom how the food tasted now, i think it already changed ownership
DeleteThis place was so good. A nice break from the excessively dull sushi choices NY seems to love.
ReplyDelete