The speculations entertained in a recent column about the fate of the New York City landmark Tavern on the Green have turned out to be right—and wrong. The name “Tavern on the Green” will live again, just not in connection with the original restaurant or its onetime palatial Central Park home.
The “Tavern on the Green” brand was sold this week to a newly formed licensing sales and marketing concern that calls itself Tavern International LLC. The price agree to, $1.3 million, is pretty fair considering the name was valued at $19 million as recently as 2008. (The restaurant served its last meal in late 2010.)
The new owners will license the name for restaurants and products such as food, home furnishings, apparel, and accessories. Under the terms of an agreement between Tavern International and New York City, TI will be able to license or open Tavern on the Green restaurants anywhere except in the states of New York, New Jersey, Connecticut, and parts of Pennsylvania. In addition, the agreement will stipulate that restaurants called Tavern on the Green include a geographical identifier in the name. Tavern on the Green Keokuk anyone?
Lou Bivona, managing member of Tavern International, states:
The acquisition of the Tavern on the Green name by Tavern International will enable us to recreate the beloved, iconic Manhattan restaurant nationally and internationally and tie it to products people can enjoy at home.
One especially welcome carryover from the original Tavern will be its continued relationship with the National Center for Missing & Exploited Children (NCMEC), a private nonprofit organization. A portion of all Tavern-related sales will be donated to NCMEC.
Bivona and vice president of restaurant licensing for Tavern International Michael Desiderio are currently engaged in preliminary discussions with organizations in the United Kingdom, Las Vegas, California, and Asia that have expressed interest in Tavern on the Green licenses.
- The return of Tavern on the Green?
- Requiem for a heavyweight: Tavern on the Green to sell hot dogs, sodas, and commemorative NYC mugs
- Critic’s Notebook: So long to Tavern on the Green
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