What’s Wrong With Banks?
This interesting news broke on Friday… according to Fortune, the owners of Bill’s Bar & Burgers are having difficulty securing a loan to build out their proposed restaurant in Rockefeller Center. This doesn’t mean it won’t happen though… according to one of the investors, they’ll get the loan eventually. The terms just won’t be as favorable. Admittedly, we here at Midtown Lunch don’t know a ton about the economics involved with leasing restaurant space in Rock Center… but we are pretty sure that Bill’s is going to do gangbusters business. So either the rent is too high to support a place where burgers are under $10 (no matter what kind of volume they do), or banks don’t like making money. I wonder which one it is. [via Eater]
Posted by Zach Brooks at 10:46 am, May 17th, 2010 under Bill's Bar & Burger.
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7 Comments
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Cheapskates.
They afraid Bill’s might default? Or pay them back too quickly? Ha.
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Noooooo, no burgers this summer?
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Without specifics on what kind of loan terms this “small business” was trying to secure, it’s a bit silly to opine.
As the story noted, Starwood will help secure a loan, but not at the terms B.R. was looking for. Securing a loan at your terms, vs. securing a loan which the market will accept are 2 different things.
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all banks are leery now…but they give $12m bonuses.
Also, what got 4 legs and goes WOOOOOOOOOOOOOF?
A BP Rig.
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Bagel made a funny.
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BB&B scheduled to open at the end of August.
http://newyork.grubstreet.com/2010/07/rock_center_gets_bouchon_baker.html
I was pretty surprised when I read this. They must already be carrying a ton of debt