Today Crain’s had an article about the rapid expansion of Applebee’s during the economic downturn. The article mentions the opening of two new restaurants in the Bronx (including the Atlantic Terminal location) as well as the issues that delayed the new Harlem location.
The Harlem eatery’s opening was briefly derailed last month but seems to be back on track.
On July 17, a State Supreme Court justice ruled against Apple-Metro in a lease dispute, in which the company was supposed to open an Applebee’s in a Harlem building co-owned by the National Black Theater and Nubian Partners.
The theater’s founder, the late Barbara Ann Teer, had argued that Applebee’s is not consistent with the theater’s cultural mission.
While Apple-Metro counter sued for breach of contract—and the litigation continues—it recently signed another deal across the street from the theater at 1 W. 125th St.
“We lost hundreds of thousands of dollars on the first deal,” said Mr. Tankel, but he believes he is saving money on the terms of his new lease. “Two years ago,” he said “rents in Harlem on 125th Street were running between $125 and $150 a square foot. I’m paying less than $100 a foot now.”
– Source: Crain’s