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Telio — a longtime favorite serving Greek, Italian and American plates — is preparing to shutter its restaurant at 2481 Broadway between West 92nd and 93rd streets. Opened in 1990, owner Yianni Berbeis tells us their rent is nearly doubling, which will no doubt push them out unless something is done.
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“I’m used to paying $20,000 or $21,000 a month,” said Berbeis in a phone interview on Tuesday, October 11. “Now, they’re asking for $39,000.”
This news comes just days after our very similar report about Andy’s Deli on Columbus Avenue, where the rent is set to increase from $18,000 to $36,000.
When asked how much time Telio has left, Berbeis told us, “We thought we had until the end of the year, but now it’s looking like it could be the first week in November.”
This isn’t the first time Telio has felt the squeeze financially. A 2019 story by CBS New York details, “The kitchen is busier than ever at Telio on the Upper West Side, but that doesn’t mean the Greek restaurant is seeing a surge in profits. The owners said the only thing that’s increasing is the fees to use Grubhub.”
Berbeis disclosed that in 2018, he paid $30,000 to delivery apps Grubhub and Seamless, where 80% of their delivery business was coming from. Despite the fees, the restaurateur admitted, “You can’t deny it. If you take them out, you’re going to close business.”
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Berbeis also owns Perfecto Pizza right next door at 2479 Broadway, which has also been around for over 30 years.
Keep hope alive, Upper West Siders. Berbeis couldn’t say much, but he did mention that he’s trying to somehow keep Telio on the Upper West Side. Nothing is confirmed at this time, though.
We’ll keep you posted as we learn more. Until then, Telio is still open daily from 11 a.m. to 9:30 p.m.
Who does the landlord think will move into that spot and pay that much? A lot of these old businesses die the moment their lease runs out.
It seems like the landlords in this town won’t be happy until this entire city is just one big strip mall filled with Red Lobsters and Applebees, as large corporate chains are the only restaurants that can afford to eat those kinds of rent increases. It’s really disgusting.
We need commercial rent control. It’s the only thing that will rein in these greedy scum.
Cornelia Cafe’s landlord did the same thing to that wonderful, vibrant restaurant, I guess thinking a Starbucks would want to move in. Years later, a fantastic restaurant is gone, replaced by boarded up windows and trash in the doorway.
I guess the landlords get a tax write-off that makes it viable to stay empty. Attention, City Council, let’s get rid of that. Maybe we’ll have more shops and cafes and fewer boarded up eyesores.
Pretty sure it’s a federal income tax write off that applies to some co-ops.
Nothing the city or state can do about that fed law.
Damn. It looks bleak.
The rent hike is awful and prices-out a small businesses owner in the future. That said, Telio is terrible, the owner is not nice and the music and noise have been a problem in the neighborhood since the pandemic created outdoor dining.
We love Telio’s and eat there frequently! The food is good! The people are nice!
This is a shame. I have no idea how anyone would pay $40k a month for that space.
The owners of these properties are going to have to get into the restaurant business- or the owners of these businesses needs to own the properties like in Europe.
“Empty storefront syndrome” was already a bad and growing “thing” before the pandemic. And the pandemic made it even worse. And it doesn’t really matter what initially caused it or continues to cause it – landlord greed, tax write-offs (which, by the way, don’t even come close to equaling the taxes required to be paid, much less rent that could be collected), or other factors. The point is, when even banks and big box stores are moving out, there is simply no one left to rent to. (And have you noticed how many formerly “corner” merchants have moved to midblock locations to save money?)
What is going on in the minds of these landlords? Isn’t collecting SOME rent better than collecting NO rent? (Again, tax breaks are not an equalizer) Some landlords have been waiting several years for new tenants, losing rent they COULD have been charging the tenant they forced out. What is driving this irrational behavior?
Sadly, we are never going to get commercial rent control (thought it may be too late for that to have any real effect anyway). But the City Council must be able to do SOMETHING to stem this community-damaging tide.
NYC needs a “vacancy tax” like San Francisco has rolled out which penalizes building owners from keeping units empty for more than 182 days.
https://sftreasurer.org/business/taxes-fees/commercial-vacancy-tax-vt
Very sad. We love both the Italian and Greek meals we have gotten at Telio’s. I make a point of picking up my meals so the profit goes to the restaurateur..
Team Telio!!! Delicious food. An institution.
This “restaurant” can’t close soon enough. The owner cares nothing about his food and even less about the community