The New York institution moved to a new location last year, a stone’s throw away from its original space in the Seagram Building in Midtown, and industry insiders blame rising rents in New York, coupled with the state’s $15 minimum wage for non-tipped employees, for its sudden shuttering. The white-tablecloth hot spot for business deals and lavish meals among martini-sipping A-listers and business moguls announced it would close Tuesday after 60 years in business. Those beachside meetings are a new version of the power lunch, which some say is officially dead along with the Four Seasons restaurant in Manhattan. ![]() ![]() ![]() Plus, you burn calories instead of consuming them.” “It makes more sense for us to talk shop and work through challenges - all while getting to see the ocean. Many meetings are done on video calls, or over what Cox calls a “walk and talk” to the beach. We order our flat whites, whip through investor discussions and then I ride my bike back to the office in less than 35 minutes,” Cox told MarketWatch, adding that it’s unheard of, particularly in the tech world, to take time out of the day for a boozy lunch. ![]() “Most of my meetings are held at a local craft coffee shop. Take Steven Cox, 47, a San Diego-based startup founder who prefers talking shop over a cup of Joe. The power lunch has turned into the coffee talk, power walk or beer run for workers who don’t have three hours to fritter away, but still make time to network outside the office.
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