<div class="tldr">Three restaurants on the Upper West Side shut down in June 2024, citing rising rent as a primary factor. Local landlords say commercial rents have increased over the last year.</div>
<ul class="key-facts">
<li>Three restaurant closures reported in June 2024.</li>
<li>Operators cite rent increases as a major reason.</li>
<li>Upper West Side commercial rents up 8% year-over-year, according to CBRE.</li>
</ul>
Operators of Good Table, Vinoteca 72, and Pho Corner confirmed to NYC Restaurant Voice that they will not renew leases expiring this summer. Each says rent increases made continued operation unsustainable. Good Table, located at West 84th Street, had operated for eight years before closing on June 10.
According to real estate brokerage CBRE, average commercial lease rates on the Upper West Side rose roughly 8% since mid-2023. Landlords attribute the increases to inflation and higher property costs. Retail broker Alan Fishman of Fishman Realty said, "Some independent operators are unable to absorb these costs."
Community Board 7 members say restaurant closures are becoming more common in the area. Board Chair Linda Rosenthal stated, “We’re losing neighborhood favorites not because of lack of demand, but because of pricing.” Residents have expressed concern about vacant storefronts on Broadway and Amsterdam Avenue.
The Restaurant Workers Union Local 110 reports that nearly 40 jobs were lost as a result of these three closures. Operators of Vinoteca 72 and Pho Corner said they are exploring new locations but have not finalized plans. Neighborhood advocacy groups are calling for policy changes to limit excessive rent increases for small businesses.
<h2>Frequently Asked Questions</h2>
<h2>Which restaurants closed on the Upper West Side in June 2024?</h2>
<p>The three restaurants that closed are Good Table on West 84th Street, Vinoteca 72 on Amsterdam Avenue, and Pho Corner near West 79th Street. All three businesses announced closures between June 1 and June 15, 2024, due to rising rental costs.</p>
<h2>How much have commercial rents increased in the area?</h2>
<p>CBRE reports that average commercial rents on the Upper West Side increased by about 8% in the past year. Landlords cite higher property taxes and operating expenses as factors in passing costs to tenants. Some tenants saw rent hikes of 10% or more at renewal.</p>
<h2>Are there efforts to help restaurants facing rent pressures?</h2>
<p>Community Board 7 and several advocacy groups are urging city officials to consider caps on commercial rent increases. Some elected officials have proposed tax incentives for small business landlords. So far, no new legislation has been passed.</p>