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New Old City steakhouse already for sale

Six months later...

6 comments

New Old City steakhouse already for sale

POSTED: Thursday, July 26, 2012, 10:33 AM

Michael Klein, Philly.com

Filed Under: TableTalk

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Six months after it opened, the steakhouse Reserve at 123 Chestnut St. is being marketed.

A solicitation is making the rounds, offering the swank spot, which occupies 9,325 square feet of space in the Corn Exchange, for $499,000 including the liquor license.

Reserve is still in business.

Reserve was created as Rococo in the mid-1990s.

6 comments

Comments (6)

0 like this / 0 don't • Posted 11:03 AM, 07/26/2012

Wow! It made it to its six month aniversary and now the owners wants out. Why? He didn't do his due diligence. Steak Houses are a dime a dozen. The place looks good and I bet the prices were high. He forgot that the economy is very weak in that area. No money for steak dinners. Beef its not what for dinner anymore. Let's see if he can unload it and a minimal loss. Doubt it.

— A. Martinez

0 like this / 0 don't • Posted 11:23 AM, 07/26/2012

If he gets $499K he's taking a big bath. He should try and hold on until after the election. Once everyone paying income taxes gets much higher rates to pay, business should really pick up.

— Wilhelm Von Humboldt

0 like this / 0 don't • Posted 11:57 AM, 07/26/2012

with drought, commodity prices may rise and they're sunk.
they'll be lucky to get a dollar.

— ald

Comment removed.

0 like this / 0 don't • Posted 1:47 PM, 07/26/2012

This doesn't have anything to do with the review he got about hair in his food from the reviewer of the City Paper does it?Or the cigars in that private area he swore you couldn't smell. I thought Philly had a no smoking law in eateries.How did he work his way around that?Same way Cuba Libra does on their 2nd floor?

— vrb1955

0 like this / 0 don't • Posted 5:30 PM, 07/26/2012

Not urprised..actually surprised it lasted this long. Great space, lousy food, worse service. Everything seemes to come from a SISCO truck, precut, frozed or caned. Worst 2 meals I have had in Philly. Went the second time because they offered a "make up" since the first meal was totally screwed up. Well the second was just as bad! The way to fix this place is get a chef and a trained staff, and some real ingredients.

— RobnPhilly

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About this blog

Michael Klein, the editor/producer of philly.com/Food, writes about the local restaurant scene in his Inquirer column "Table Talk." Have a question? Email it! See his Inquirer work here. Reach Michael at mklein@philly.com.