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]