Restaurant Local Market Analysis

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MARKET 56th street between 5 & 8th avenues has mainly Asian restaurants and fast casual restaurants serving mostly breakfast and lunch. Many of the 2-4 story buildings between 7 & 8 avenues are operator or family owned so they can afford to operate moderately priced Asian restaurants. There are only two expensive steak house and an Italian restaurant on the block. This is very low for Manhattan standards. There is a tremendous opportunity for happy hour, dinner and late night business. There is also market for large catering business to corporate clients. The area also boasts a significant office component in the general area. Management believes it can service both the quick lunch market as well as the delivery and catering needs of this market. The simplest and easiest way to reach this market is through personal contact. Its as simple as taking the time to make appointments and deliver samples and menus. Lunch business is competitive, but there is a market gap for an affordable fine dining restaurant. There are 3 other hotels, Carnegie Hall, large corporations and upper resident buildings on the block. There is a large tourist market, business from Carnegie Hall, corporations and residents. Most of the notable restaurants in 3 blocks circle have been there for a long time and they are expensive and mostly run down. They are suffering from bad service and inconsistent food but still they are full 7 days a week. There is a big gap for a good new restaurant. There is only one trendy new restaurant 2 blocks away from the space and they are solidly booked for 30 days. Page 1 NAME LOCATION TYPE OF VENUE SEATING CAPACITY CHEF / OWNER TYPE OF FOOD MARKET HOURS OF OPERATION WEBSITE IL TINELLO 16 W 56TH ST RESTAURANT & BAR 75 CHEF GUERRINO FORMAL ITALIAN MIDTOWN WEST M- F 12:00 PM–3:00 PM, 5:00 PM–10:00 PM ILTINELLONY.COM/ PRICING YELP RATING COMMENTS

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