“WATCH out for obstacles,” Michael White said as he navigated between two construction workers — one hammering a plank, the other shearing plywood with a power saw. “It’s a bit precarious right now.”
Mr. White, the congenial chef behind Convivio and Alto, was referring to extension cords that hung like snakes from rafters inside Marea, his ultra-deluxe Italian seafood restaurant expected to open in early May on Central Park South. At least 45 workers milled around the dining room in early April, six of them flown in from Italy to install Indian rosewood paneling and a honey-colored onyx wall backlighted by tiny bulbs.
But by precarious, he could just as easily have been talking about Marea’s future. Last July when he and his business partner, Chris Cannon, announced their latest venture, the city seemed flush. Since the stock market’s collapse, though, worried New Yorkers are rejecting anything opulent, driving even gold-card-carrying customers to the nearest Shake Shack.
Marea is one of a surprising number of high-end restaurants set to open this year. Their timing may be inopportune, but with leases signed and construction underway before the economy took its nose dive, the restaurateurs had little choice but to forge ahead. Some, like Mr. Cannon and Mr. White, have sought to pare their rent while maintaining their original vision. Others have cut prices or added new dishes to appeal to a wider array of patrons. Everywhere, there is anxiety, as owners learn to adapt to the new austerity.
The downturn has had benefits: Mr. Cannon said that some suppliers and contractors had shaved their fees, saving the restaurant about 30 percent on construction materials and labor. (They plowed those savings back into refined touches like hand-polished lacquer radiator covers.) The two also went back to their landlord three months ago to renegotiate their rent. They say it was already much less than the $750,000 a year the former tenant, the San Domenico, was reported to have paid. The landlord agreed to defer a portion of the rent for two years, at which point, Mr. Cannon hopes, the economy will have rebounded.
Still, the restaurant will cost more than $4.5 million, and they have been paying rent since signing their lease last summer. And Mr. Cannon concedes that he wishes the money had started to roll in three months ago.
“I have three kids to support,” he said. “I don’t have an option to fail.”
It is a common refrain from the Upper East Side to TriBeCa. Among the slate of upcoming restaurants is SD26, a venture from Tony May that has already delayed its opening until the fall. (Mr. May was the owner of San Domenico, which used to occupy Marea’s space.)
Even before the economic implosion, Brushstroke, David Bouley’s elaborate vision of a robata grill paired with a kaiseki restaurant, was hampered with troubles, including a battle to get its liquor license. And two established restaurants, Oceana and Aureole, are leaving their East Side town houses for larger spaces in Midtown, with plans for grand openings this fall.
“Everyone wants to make a 15 percent profit margin,” said Nick Livanos, whose family owns Oceana. “But if you make 10 percent you are happy.”
That’s if. “A bunch of restaurants are going to close in the next year,” said Clark Wolf, a restaurant business consultant. “There will be a weeding out. Restaurants have to be careful how they calibrate the experience for the diner. People don’t want to feel like they are paying for a stained-glass ceiling.”
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