Applebee’s in Times Square To Be Evicted After Reportedly Owing $7 Million in Rent

Sorry, Times Square tourists: Applebee’s Neighborhood Grill + Bar might not be a dinner option for much longer. The chain restaurant’s Manhattan location on 42nd Street was given an eviction notice after missing quite a few rent payments.

The location’s franchisee, Apple-Metro, reportedly owes $7 million in back rent for the 11,000-square-foot space, according to an Oct. 17 article from Crain’s New York. The amount includes unpaid rent and other expenses dating back to June 2019. The location was served an eviction notice last week, issued by a state Supreme Court judge.

Applebee’s’ attorney stated during court proceedings that the restaurant’s pre-pandemic “cash flow issues” and subsequent closure during the pandemic are to blame for the unpaid bills and subsequent eviction. Applebee’s submitted a hardship declaration and received $3 million in forgiven Paycheck Protection Program loans, which assist in employee payments, during the pandemic. The restaurant employs some 80 individuals.

The Times Square location was closed from March 2020-June 2021. In Oct. 2021, the building’s landlord served a notice of default to Applebee’s and later terminated the chain’s lease, which was formerly set to expire in 2025. Despite negotiation talks, the restaurant was reportedly unable to reach a settlement with landlord Madison International Realty to remain in Times Square. The landlord required a full payment of $7 million in back rent, which the Times Square location did not pay.

There’s no news yet on the future of the location.

For those searching for an alternative night out on the town, rest assured that there are lots of other great options in Midtown Manhattan.

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The article Applebee’s in Times Square To Be Evicted After Reportedly Owing $7 Million in Rent appeared first on VinePair.

By: Nicolette Baker
Title: Applebee’s in Times Square To Be Evicted After Reportedly Owing $7 Million in Rent
Sourced From: vinepair.com/booze-news/applebees-times-square-evicted-7-million-rent/
Published Date: Tue, 18 Oct 2022 22:15:58 +0000

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