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February 11, 2011
Eddie Yu, Battery Park restaurateur and owner of the Gate House, and former owner of Fox Hounds and Johnney’s Fish Grill (but NOT the owner of Au Mandarin according to Mr. Yu), announced that he will be closing his iconic Gate House later this month. Lefrak, the company that owns the building, is raising the rent too high for Mr. Yu to stay in business.
Something similar happened to Mr. Yu several years ago, across the street, when the World Financial Center real estate owners raised the rent forcing him to close the Fox Hounds bar/restaurant. That space is still vacant more than four years later. Meanwhile, more than four new Danny Meyer-run restaurants are opening on the north side of Vesey Street as part of the Goldman Sachs remodeling of the Embassy Suites building.
Mr. Yu took over The Gate House in 2004 and was losing money ever since. He plans to retire.
One might say, “The rent is too damn high”. Battery Park is certainly changing as more apartments have been built and Goldman Sachs entered the neighborhood.