In the 1970s, New York City was on the decline. Crime was up, graffiti was everywhere, and the city was broke.
To figure out how to solve these problems, then-Loews Corporation CEO Bob Tisch invited business leaders for breakfast at the Tisch family’s hotel, the Loews Regency.
That’s how New York’s most famous “Power Breakfast” was born.
The tradition still lives on today with the biggest names in business, finance and politics dining there each day.
Last year, Loews Regency’s entire dining room and lobby were redone to give the place a new feel.
We had breakfast there this morning. The updated place has a more modern and sleeker appearance compared to the old red velvet booths.
You can still expect to pay a fortune for eggs, toast and coffee, though. That hasn’t changed.
Loews Regency is on Park Avenue and 61st Street. It's near what we like to refer to as 'Wall Street North' (a.k.a. where banks like JPMorgan and UBS are located along with a number of hedge funds and private equity shops)
They still have complimentary newspapers -- Financial Times, New York Times, Wall Street Journal, USA Today. The Bloomberg Terminal and the TV screens playing business news channels are no longer there.
The menu is pretty standard -- eggs, bacon, pastries, fruit, juice. It's expensive, though. You can get yogurt for $US18.
Around 7:45 - 8:00 a.m. everyone starts showing up. We mean everyone because it seems they all know each other and just got back from the same Soul Cycle class (their words, not ours).
You have to have a little toast on the side, obviously. Yes, that's $US6 for two pieces of bread. Amazing.
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