Tavern on the Green is broke, but Tavern on the Green is worth millions

Here's a great illustration of how valuable intellectual property can be. The New York Times reported yesterday that Tavern on the Green, the venerable Central Park restaurant that has been in operation since the 1930's, has gone through some tumultuous times this year. New York City's parks department leased the rights to operate the restaurant to the LeRoy family in 1973. The lease expired this year, and the LeRoys lost the bid to renew their lease. However, though the LeRoys have lost the restaurant, the name Tavern on the Green is registered under the family's business name.

That means that the city cannot include the right to offer the business name, which was recently appraised at $19 million (!), to the new operators. The city seems to be preparing to try to retain the rights to the name in court.

$19 million, and that doesn't even include the silverware! That said, it stands to reason that, particularly with longstanding businesses, the brand can be every bit as valuable as the good or service offered. San Franciscans can think about it this way: would you eat at Blue's Coffee Shack?