The famous NYC icon will be closing it's restaurant, Rainbow Grill on January 12th due to slowed business and a pretty big lease dispute.
Landlord Tishman Speyer had the property appraised for $8.7M of yearly rent for office space which is more than twice what they get from the restaurant now.
Opened in 1934 during the Great Depression, The Rainbow Room will stop serving the city's patrons dinner, a near 75 years later due to our current state of recession. However, it's bar, banquet space and weekend dinner-dancing sessions will continue.
Between 30-40 of The Rainbow Rooms 120 employees will be put out of work.