Celebrity chef Jean-Georges von Grichten’s new Park Avenue restaurant has become the epicenter of the “power hour,” a new post-pandemic phenomenon for Wall Street powerhouses, Side Dish has learned.
As soon as the closing bell rang, traders, investors and executives flocked to Four Twenty Five, a Norman Foster-designed skyscraper that opened in December at 425 Park Avenue and whose anchor tenant is the hedge fund giant Citadel.
They’re there not only for the $25 cocktails and bar food, which includes $68 eggs on toast with caviar, but also for the all-important face-time they’ll need to close the deal before rushing off to catch their train.
With many of New York’s movers and shakers relocating to vacation homes in the Hamptons or jetting off to the Greek islands or Italian Riviera, the power hour was in full swing during Sidedish’s recent visit.
By 5 p.m., there were no seats left at the bar and the lounge was full, with male and female executives in summer suits lounging over $25 olive oil-washed martinis and $19 raspberry-lychee Bellinis.
Finance geeks with backpacks slung over their shoulders munched on reasonably cheap bar food like tuna tartare with avocado for $16 and sea urchin and brown bread crostini for $28.
“I come here once a week between 4:30 and 5:30 p.m. to meet with clients and friends,” one investor said, munching on tuna tartare.
“In the world of finance, the two are the same. This is a people business. To close a deal, you have to spend time together.”
Another well-dressed bar-goer said he comes three times a week for power hour.
“It’s a convenient time to meet,” the trader said. “People want to enjoy a drink and a snack in a beautiful room before going home or back to the office.”
A group of young employees in their mid-to-late 20s, many of them former Citadel alumni, strolled into the bar around 6 p.m. wearing dress pants and no jackets, let alone ties, and spoke enthusiastically about the menu of handcrafted cocktails.
They order drinks like the Old Fashioned and the Naked and Famous (mezcal, Aperol, yellow chartreuse and lime), but with mezcal instead of gin.
Similar power hours are held at chef Daniel Boulud’s Le Pavilion at One Vanderbilt in Grand Central, Monkey Bar in Uptown and the Barroom at Fidi’s Beekman Hotel downtown. Younger traders tend to head to less expensive spots like Papillon Bistro & Bar on East 54th Street.
Socializing has become a kind of mission in itself in all the hotspots since the pandemic lockdown emptied office buildings.
“After years of being cooped up in closed spaces, people want to get out,” said one investor, 34. “People are finally starting to invest in the city again and are ready to start afresh post-COVID.”
I was interviewing another finance executive at Four Twenty Five when someone came over to say hello to him and our interview was interrupted.
“Here’s a perfect example. The guy is in the Hamptons for the summer. He came here for a day trip for some meetings and stopped in for a drink before he left,” the executive said.
They made plans to meet at Le Pavillon the following week at 4:30 p.m.
Regulars at Le Pavilion include Peter Bazelli, president and managing director of the real estate and development consulting firm Weitzman, who enjoys Power Hour three or four times a week before catching the 6:02 p.m. train to Pelham, Westchester County.
“I host clients and business associates at Le Pav because it’s convenient for everyone, the service and the atmosphere are exceptional. They treat me well, they treat my clients and guests well, and it’s an easy train ride for everyone,” he said, adding that some colleagues travel from their suburban or country homes just to have their 4:30 p.m. cocktails, “and then they go home.”
Others, like Jenny Lentz, a 34-year-old top real estate broker, might stop by Four Twenty Five for a glass of Sancerre around 5 p.m. and then have dinner with clients after showing them properties, especially on nearby Billionaire’s Row.
“It’s a beautiful space and we’ve always loved Jean-Georges’ cooking. We follow him everywhere,” she said.
I’ve heard that New York eateries have flocked to Miami during the pandemic, but the move has rarely been reciprocal.
All-day cafe and wellness brand Pura Vida Miami is coming to Manhattan.
The restaurant will open this Friday in Nomad’s 2,500-square-foot space at 1151 Broadway, which will include outdoor seating for 75 people.
Founded in 2012 by husband and wife duo Omar and Jennifer Horev, Pura Vida Miami will import popular menu items such as the Perfect Egg Sandwich, Jen’s Herb Salad and Spicy Tuna Bowl, as well as New York-exclusive menu items like Charred Fruit Toast and Smoked Salmon Breakfast Sandwich on Sourdough Bread.
More stores are scheduled to open in New York City this fall, including a 4,089-square-foot store at 25 Kent Avenue in Williamsburg and a 3,500-square-foot location at 65 Bleecker in Greenwich Village in December.
Three more locations are planned for New York in 2025. Pura Vida recently opened in Fisher Island, the country’s most expensive zip code, as the upscale island’s only outdoor dining operator, and is set to open in Malibu, Calif., this fall.
The couple is also “testing” a new ice cream concept called Dolce Vida in Coconut Grove. Pura Vida Miami currently has more than 1,000 employees, 63 percent of whom are women, across 24 locations in 15 cities, with 25 more locations under lease.
The couple told Side Dish they plan to expand the number of stores to 50 by the end of 2025.
Vintage green is IGC Hospitality’s Newest and Largest Rooftop (Refinery, Royalton Park Avenue, Glass Ceiling Rooftop) will open on July 24th. Shelburne Sonesta Hotel This 11,000 square foot space in Murray Hill pays homage to the city park.
Additionally, Sleep No More’s Silvana Levy will be curating a series of live performances, from artists to jugglers to musicians, on the wraparound terrace overlooking the city skyline.
The menu ranges from classic hot dogs to chef Chris D’Ambrosio’s oyster and caviar offerings., Formerly with Bouley.
