Streambank Selected to Market Tavern on the Green IP Assets

Streambank was retained by Tavern on the Green Limited Partnership, which has operated the iconic restaurant under a concession agreement with the city of New York since 1974. The Partnership filed voluntary Chapter 11 bankruptcy petitions in September, after the city announced its intention to enter into a new concession agreement with another operator at the end of Tavern's current term. Streambank's retention is subject to Bankruptcy Court approval.

Among the available IP assets is the Tavern on the Green trademark and goodwill. Other assets include a website, URL and customer data. Ownership of the Tavern on the Green name is the subject of a pending litigation between the City of New York and the Partnership. The case is pending before the Federal District Court and is expected to be heard later this month.

'Few restaurants in the United States or perhaps the world rival Tavern on the Green in terms of brand recognition,' said Gabe Fried, Managing Member and Founder, Streambank, LLC. 'This is a truly unique and valuable IP portfolio, for which there are numerous possible applications such as franchising, catering, prepared foods, cook books and much more. This is a unique opportunity and we believe there will be substantial interest in the marketplace for these assets.'

'We are pleased to have engaged Streambank to assist us in maximizing the value of these assets for the benefit of the company's estate and creditors,' said Michael Desiderio, Tavern on the Green's President and Chief Operations Officer. 'Streambank's combined IP and bankruptcy experience will prove to be valuable in this process.'

Tavern on the Green opened in 1934, in an 1870 Victorian Gothic structure on the west side of Central Park. Over the next 40 years, a succession of management companies operated the restaurant, which underwent several renovations and expansions. Deteriorating facilities led to a decline and forced the restaurant's closure in 1974. Shortly thereafter, restaurateur Warner LeRoy acquired the lease and implemented a $10 million renovation, reopening the landmark eatery in August 1976. Described as offering a dazzling dining experience in a fantasy-like setting, Tavern on the Green became, and has remained, a favored destination and the setting for many of New York's most prestigious events, including charity and political functions, Broadway openings and international film premieres.

'We are proud to have built Tavern on the Green into a name synonymous with fine dining,' said Jennifer Oz LeRoy, Tavern on the Green's CEO. 'This sale offers a rare opportunity for a buyer to capitalize on the rich equity of a truly exceptional brand. As we transition the business, we will look for a buyer who will be true to our legacy as an extraordinary venue where people celebrate their most important events.'

The marketing of Tavern on the Green's trademark and goodwill assets is underway. An auction date will be determined in the near future.

Logos, product and company names mentioned are the property of their respective owners.

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