Tavern on the Green remains one of the country’s most lucrative independent restaurants -- a selling point for its new lease-holder.
The city has filed a lawsuit against the operators of Tavern on the Green, claiming that it has the sole right to use the restaurant’s trademark name, according to the New York Post.
But now the city has changed its position. It has valued the famed name at $19 million, making it the largest asset in the bankruptcy estate.
The LeRoy family has owned the Tavern on the Green name since 1978, and New York is trying to prevent the family from operating and opening new restaurants under the same name.
The operators sued the city earlier this month to get more time to sell off the restaurant’s assets. They also said that any new establishment operating under the name could potentially generate more income.
Tavern on the Green had filed for bankruptcy protection on Sept. 9 after a new restaurateur was granted the lease to the property.
Current operators have had the lease since 1974, but it expires Dec. 31.
The famous restaurant in a Victorian Gothic building built in 1870 that was originally meant to house sheep. It has become a major landmark, located right off Central Park West tucked in the park.