The old adage, “you get what you pay for” may be a cliché when it comes to real estate; but in a growing trend among commercial real estate developments in New York City, investors and developers alike are taking consumer experiences into account.
Rooftop bars and restaurants are becoming more than just venues to have a nice meal. With that, developers are realizing that venues with premium views offer fantastic opportunities to share unique experiences on social media, which in turn, boost revenue for building owners. For instance, a chic restaurant with panoramic skyline views will be an ideal place for a birthday party, company celebration or even a wedding reception, in addition to a regular restaurant experience. Add in exclusive access through special elevators, and a rooftop can be the place to be seen.
These one-of-a-kind experiences are becoming increasingly important as a means of boosting revenues from food and beverage service. Beverage sales are one of the most profitable components of hotel operations in New York City. So if the drink is served in a premium environment, such as a rooftop restaurant, the venue can justify a premium price.
Indeed, these venues emanate from unique ideas, but they also are manifestations of carefully drafted contracts detailing the financing, construction and management of these areas. To avoid the potential pitfalls that can derail the success of a rooftop bar or restaurant, it is important to have an experienced real estate attorney.
If you have questions about how a skilled lawyer can help foster success in your next venture, we invite you to contact us.
The preceding is for informational purposes only and is not legal advice.