BIG APPLE BUSINESS: Where is the pot of gold at the end of the Rainbow?
Peachy Deegan has heard that one of her most favorite spots in Manhattan, the Rainbow Room, is on its way out due to economic conditions. Now how is she supposed to get married here???
The Cipriani family-run enterprise has agreed to vacate the 65th floor of 30 Rockefeller plaza. Bookings are down, payments are coming due in a tax evasion case that involves Cipriani, and we all know what the overall economy is like. High-end corporate parties are not happening like they used to.
The Ciprianis came to Manhattan in 1985...in today's environment the annual rent on the Rainbow Room is $8.7 million Whom You Know has heard (source: Bloomberg).
Please pass the kleenex!