What's in a Name? In This Case, Everything

The never-ending saga of New York’s Tavern on the Green sale and potential loss of name (reported extensively here since last summer…) actually has an end--at least in part.
A judge ruled yesterday that the city, not the operators of the restaurant, holds the rights to the famous name, which has been valued at $19 million.
The restaurant closed New Year’s Eve after a long series of legal problems that culminated in an auction of all the furnishings. More than 20,000 items were up for sale; the high bid was $180,000 for a Tiffany glass ceiling. The court-ordered auction was held to help erase the owners’ $8 million in debt.
Judge Miriam Goldman Cedarbaum ruled that the city had licensed the facility and retained control. That included the right to end the license if it found that the restaurant was not being operated in a satisfactory manner. The “Tavern on the Green” name has been associated with a Central Park restaurant since 1934.
Prior to the recent recession, the restaurant had been one of the most famous in the country. It brought in $38 million a year in revenues, and served a staggering 700,000 meals a year.
The license was awarded last August to Dean Poll, who operates the Boathouse restaurant in Central Park. He won the license after the LeRoy family, which had operated the restaurant sine the 1970s, lost its bid renew the lease. He still plans to reopen the restaurant this spring. He will spend $25 million to refurbish the space, which clocks in at 27,000 square feet.

Swindler's Remorse: The Bling's the Thing at Today's Auction

Those in the market for jewelry today may find themselves with a steal—literally—if they make the trek to New York’s Belvedere Hotel at 319 West 48th Street at 3 pm.
If you’ve been begging for a bracelet or are choosy about your chains, this is your opportunity.
A cache of high-end jewelry is up for auction today in New York City--courtesy of the Manhattan DA’s office. The eye-catching baubles and bling were taken as part of investigations against two stock traders—who were involved in two separate scams.
The quarter million dollars of high-end jewelry includes Van Cleef and Arpels earclips, a gold Cartier watch, and Hermes enamel cuffs. (Pssst-if you want something with the Hermes name but not the price tag, those are expected to start at only $25.) Loose diamonds can be had for only $4,000; they were originally appraised at far more.
Proceeds of the auction will go to the victims.
Former equities trader David Holzer is serving 5-15 years for stealing $16 million--from friends--that he had convinced to invest in “real estate” and other deals. He used the money to purchase topline vacations, a Porsche, an Aston Martin, and other pricey baubles.
Richard Garaventa, a former Morgan Stanley securities biggie, is serving 2-6 years for stealing $2.5 million. Both men pleaded guilty to grand larceny.
Literature for the Belvedere Hotel (212 245-7000), built during the 1920s and within walking distance of the theater distinct, describes it as--wait for it—“a hidden jewel.”

Carved Wooden Animals and Crystal Chandeliers: It's the Tavern on the Green Auction

Want a giant crystal chandelier? What about some ornate oversized silver candelabras? Well, there’s a new chapter in the ongoing saga of New York’s Tavern on the Green restaurant, which recently declared bankruptcy and is slated to be transferred to a new owner next month. (Yes, you read about it here over the summer...)
Next month--January 13, to be exact--many of the restaurant’s famously glitzy fixtures and decorative pieces will be auctioned off at Guernsey’s Auction House. Profits of the sale will be put towards the debts owed to more than 450 creditors, one of which is Kay LeRoy, who was married to the restaurant’s founder, Warner Leroy. She lent the company, headed by her daughter Jennifer, $1.9 million to allow the restaurant to meet its payroll. Up for grabs now: Gilded copper weathervanes and a three-foot carved monkey from the Black Forest. Need a baby grand piano? Or white-painted wooden elks? (You can buy them as a pair.) They can be yours for the right price, as can a topiary of King Kong (his debut was showcased at a party at the restaurant hosted by Fay Wray, of the original “King Kong” movie.) You can also bid on some of the gaudy outfits for which Mr. Leroy was known.
The sale will be held in the Crystal Room, and will feature absentee Internet bidding. Although the restaurant is currently mired in a host of messy legal matters involving its finances and staff, it is still supposed to be taken over this winter by Dean Poll, who runs the Boathouse Restaurant in Central Park.