We know you love steak Wall Street, so we’re writing here so you’re prepared for what’s going to happen. No ugly surprises.According to Crain’s NY, the heads of the Palm Restaurant Group held an urgent meeting a few weeks ago to decide if the price of a good cut of meat (New York strip or prime rib) would finally hit the $50 mark in New York City. Right now, they’re $49.90, so the jump will make more of a difference to the customer’s psyche than it will to their wallet — still…
“It’s been a big conversation at the company,” said Bruce Bozzi Jr., executive vice president of the 29-outlet, family-owned chain. “Once you cross over to the $50 [territory], steak becomes a special occasion.”
Bottom line: Only 6 years ago, the Palm’s management was considering whether or not to raise the price of a good cut to $40, but now the price of beef is the highest it’s ever been in U.S. history. Some steakhouses (Porter House New York, Smith & Wollensy, Primehouse and Old Homestead) have already made the plunge.
So far, Bobby Vans, Delmonico’s, Capital Grille, Michael Jordan’s The Steakhouse and The Palm are sticking below the $50 mark, but that probably won’t last forever.
“I held out as long as I could,” said owner William Degel, the owner of Uncle Jack’s Steakhouse. He broke the $50 barrier last year with a 30-ounce, dry-aged prime rib that now sells for $55.