The Financial District’s economic loss: How restaurants
are suffering in the wake of an empty Wall Street
BY DEAN MOSES
At the dawn of 2021, the
Financial District’s food
businesses are struggling
to recoup losses after an economically
trying year.
The Financial District is named
as such after the creation of a 17th
century harbor that offered commerce
Route 66 American Kitchen and Bar at 79 Pearl Street has created
a picturesque dining area.
and opportunity to greater
New York. The area steadily rose
in fame until it became internationally
lauded as the symbol
of economic growth and high
society. However, the neighborhood
is made up of more than just
tradesmen and investors on which
it has earned its name.
The southern tip of Manhattan
is also home to Pearl Street, a
strip occupied by many independent
entities that relied on the
hustle and bustle of Wall Street
for business. Prior to the onset
of the COVID-19 pandemic, the
Financial District was a hotbed
of activity with lavish suits and
tourists clamoring to enjoy the
local cuisine. Since lockdown
measures, however, have forced
many in the neighborhood to
trade in their offi ce for their living
room, the cobblestone pathways
have been primarily empty and,
in turn, left suffering restaurants
with even greater obstacles to
overcome.
Jarek Krukow, general manager
at Broadstone Bar and Kitchen,
echoes the painful sentiment that
thousands of other businesses,
especially restaurants, have suffered—
the pandemic has wrought
havoc on his work.
“It’s been awful, we are not
even doing 20% of what we did
before. What the Governor has
done to us with no indoor dining
PHOTOS BY DEAN MOSES
has just crippled everybody. I feel
so bad for my employees, for us to
even be open we are lucky. I had
52 employees and now I only have
12,” Krukow said solemnly as he
recalled the amount of families
this situation has affected in his
life alone.
Krukow blames the lack of
planning put forth by the Governor
and Mayor in terms of
how businesses proceed during
the pandemic. While there is an
uptick in COVID rates, he doesn’t
understand why New Jersey still
has 25% indoor dining while New
York City does not.
“We are one of the best in the
country right now at 3.4 % for
the COIVID rate. It’s not fair.
We should be rewarded for that,
not being torn down,” Krukow
told amNewYork Metro, adding
that he doesn’t understand how a
supermarket can have a hundred
customers inside at one time
while restaurants are forced to
endure near impossible odds.
“Fifty percent would get us
going. I mean you can have a
hundred people in Whole Foods
but you can’t have 50% in a
restaurant? That’s ridiculous,”
Krukow said.
In addition, the shifting rules
and regulations regarding outdoor
dining structures have put
many restaurants out thousands
of dollars. Several businesses have
Sara Barrows, the general manager of Route 66 American Kitchen and Bar at 79 Pearl Street.
built structures, including heating
lamps for the winter, and other
decorative features. The regulations
now state that an outdoor
dining structure must have two
open sides for more ventilation.
Fraunces Tavern, located at 54
Pearl Street within a historical
landmark built in 1762 where the
likes of George Washington were
said to dine, are also feeling the
burden of rigorous, ever-changing
regulations. Owner Eddie Travers
purchased several $600 bubbles,
which have also their own set
of regulations. This costly but
necessary business extension has
prompted Travers to close their
second restaurant for the winter,
Lovelace Gin and Cocktail bar,
located mere feet away from his
tavern. This closure was decided
upon just this past week, so that
the extra outdoor dining space
could be used for Fraunces
Tavern.
Prior to the pandemic,
Fraunces Tavern never sold
memorabilia, offered outdoor
dining space, or even used third
party delivery services—now they
have no choice. The site fosters a
rustic atmosphere thanks to the
original décor of an old Irish pub
and soft-leather lounge chairs in
their Dingle Whiskey Bar lit with
a fi replace. The historically rich
building also boasts a museum
which sits just above what was
once a bustling establishment.
Now, the only individuals capable
of enjoying the ambiance are the
employees who run it.
“In normal times, in this bar
Fraunces Tavern we can hold
400 people. With indoor dining
we were allowed 75, and we put
in Ozone air fi ltration into both
locations as well, which releases
safe levels of ozone that will break
down COVID, God forbid if
anyone was in here with it, so it
wouldn’t be able to spread,” Travers
said.
Despite the insurmountable
occurrences of 2020, some businesses
have transformed their
challenges into opportunities. 787
Coffee describes 2020 as a rollercoaster
ride in terms of business,
but they were able to not only
survive the pandemic, they were
afforded circumstances toopen
more sites throughout New York
City.
Located at 66 Pearl Street,
787 Coffee is a farm to table experience
accentuating Hispanic
culture. The coffee is grown in
Puerto Rican farms and then
shipped to the cafes. The company
pushed through the pandemic,
and found a way to reinvigorate
closed coffee shops.
“I think it has to do with who
we are as a company and how
we work. From day one, when I
started 787 it’s always been nonstop,
so I’m not surprised we
opened other locations during
the pandemic. It’s just taken an
opportunity, and unfortunately
a lot of the places where we did
open were closed coffee shops so
it was easier for us to move in,”
Mirielle Maor, district manager of
NYC locations said.
Maor says that 787 Coffee has
taken opportunities that have
come their way, and is looking at
2021 with continued optimism
for the restaurant industry.
Schneps Media January 7, 2021 3