Jekyll and Hyde at 91 7th Avenue South (Google Maps, iStock/Illustration by Steven Dilakian for The Real Deal)
The battle between Dr Jekyll and Mr Hyde may have a winner, likely much to the dismay of restaurateurs behind the popular tourist destination of Greenwich Village.
The Jekyll & Hyde Club at 81 7th Avenue South has filed for bankruptcy, Bloomberg reported. The restaurant reportedly owed $1.5 million in back rent and nearly $7.5 million to creditors overall.
Deacon Brody Management, owner of the establishment, filed under Subchapter V of the bankruptcy code, according to Bloomberg, which helps owners maintain interest even if they cannot repay creditors in full. The owner also uses the Chapter 11 rules for small businesses to quickly reorganize his debt without larger expenses.
The restaurant is known for its horror-themed menu options and dinner shows. Each floor of the restaurant has a different theme related to a fictional 1930s British explorers club, from gothic horror to science fiction.
The decline in tourism has probably not benefited the restaurant much. The pandemic has caused visitor numbers to drop in New York over the past two years, hampering establishments that rely on the influx of tourist dollars.
The Jekyll & Hyde Club is in good company among New York restaurants facing a tough financial future. The Wall Street Journal reported in December that Cipriani locations in the city were in jeopardy after the hotel company was foreclosed following a default on a $53 million mortgage debt.
The pandemic’s hit on restaurants across the country prompted the federal government to replenish the Restaurant Revitalization Fund, a call Mayor Eric Adams echoed.
The $28.6 billion fund was created under the American Rescue Plan Act to provide emergency assistance to eligible restaurants, bars and businesses. Restaurants can receive funding equal to pandemic-related revenue loss up to $10 million per business.
The program ended in July after running out of money.
[Bloomberg] —Holden Walter-Warner
