New York, NY · Tasting menu
Tasting Menu Concept, Manhattan
A 28-seat tasting menu concept in the West Village. Loss-making as a property but selling on lease-and-asset value to a strategic buyer.
Overview
A 28-seat tasting menu concept in Manhattan’s West Village. Two seatings, six-night-a-week service. The dining room is operating at a small loss; the chef-owner is candid that the concept’s run has had its time.
Why this is interesting (for a strategic buyer)
- Below-market lease with eight years remaining
- Build-out that would cost $1.4M+ to replicate is in place
- A buyer with a new concept and a working brand can step in and immediately operate
- Liquor license transfers
Why this isn’t a financial buyer’s deal
The TTM is loss-making. Any buyer modeling this off operating multiples is solving the wrong equation. This deal closes on real estate, build-out, and lease value — not on existing earnings.
Numbers
- 2025 revenue: $2.4M
- 2025 EBITDA: -$120k
- Build-out replacement cost (estimated): $1.4M
- Lease term remaining: 8 years (below market by ~22%)