Smith & Wollensky

Last updated

Smith & Wollensky
Company typePrivate
Industry Restaurants
Founded1977;47 years ago (1977)
Headquarters Boston [1]
Number of locations
10
Parent The Smith & Wollensky Restaurant Group, Inc.
Website smithandwollensky.com

Smith & Wollensky is the name of several high-end American steakhouses, with locations in New York, Boston, Chicago, Columbus, Miami Beach, Las Vegas, London, and the most recently opened, Taipei. The first Smith and Wollensky steakhouse was founded in 1977 by Alan Stillman, best known for creating T.G.I. Friday's, and Ben Benson, in a distinctive building on 49th Street and 3rd Avenue in New York, once occupied by Manny Wolf's Steakhouse. [2] Many of the restaurants have a wooden exterior with its trademark green and white colors. The individual Smith and Wollensky restaurants operate using slightly varied menus. In 1997, Ruth Reichl, then-restaurant reviewer for The New York Times , called Smith & Wollensky "A steakhouse to end all arguments." [3] Smith & Wollensky is owned by the Patina Restaurant Group.

Contents

Name

According to Stillman, neither Mr. Smith nor Mr. Wollensky was involved. He opened the Manhattan phone book twice and randomly pulled out two names, Smith and Wollensky. The announcements for the opening, however, carried the names Charlie Smith and Ralph Wollensky. Stillman later admitted that Charlie and Ralph were the names of his dogs. [2]

IPO

In 1999, Stillman announced initial public offering (IPO) to open at least three Smith & Wollensky restaurants every year around the U.S. [4] The IPO took place in 2001 with a price of $8.50, and raised $45 million. The stock dropped 8.6 percent on the first day. [5] [6] After the IPO, the company was able to expand and grow sales, but the stock was not profitable. It had been consistently below the initial offering price. [7] In 2007, Landry's offered an unsolicited $7.50 a share for the company, and a privately held Patina Restaurant Group offered $9.25 a share and succeeded in a buyout. [7] [8] In 2007, Nick Valenti, CEO of the Patina Restaurant Group and his partner Joachim Splichal, together with the Boston-based private equity firm Bunker Hill Capital, purchased The Smith & Wollensky Restaurant Group. [9]

Locations

New York

Located in midtown Manhattan, the first S&W steakhouse occupies a stand-alone building whose wooden exterior bears the trademark green and white colors (which actually were inherited from Manny Wolf's Chop House, [10] [11] which operated between 1897 and 1977, [12] when it became Smith & Wollensky, they simply changed the sign to "Since 1977" but otherwise kept the type of lettering used on the outside of Manny Wolf's the same). Also included is Wollensky's Grill, a bar room within the restaurant with a more bar-type atmosphere and food, and is open later than the dining room. The New York location was used for a scene as a meeting place for Christian Bale and Willem Dafoe's characters in the 2000 film American Psycho . It and its kitchen were also used for scenes in the 2006 film The Devil Wears Prada . It was also used for the famous 2008 $2.11 million and 2007 $650,100 "Power Lunch with Warren Buffett" charity auction on eBay, with Zhao Danyang and Mohnish Pabrai & Guy Spier, respectively. [13] [14]

When Mr. Stillman sold the Smith & Wollensky Restaurant Group, he retained ownership of the New York restaurant, although all locations share promotional and marketing efforts.

Chicago

Bearing the same green and white painted exterior as the New York location, this steakhouse overlooks the Chicago River and the Loop. It played a role in the revival of Chicago's River North area and is neighbored by Marina City and the House of Blues. This location was featured in the 2006 film The Break-Up.

Miami Beach

In a two-story building on the waterfront, S&W's Miami is technically located at the extreme southern end of Miami Beach and offers views of the Miami skyline and ships passing through Government Cut into and out of the port of Miami. It takes advantage of its waterfront location, with an outdoor patio for diners to enjoy the outdoors.

Las Vegas

The restaurant had three floors and was across from the City Center on the Las Vegas Strip.

Two years later, on May 15, 2019, the restaurant re-opened in a significantly smaller location within the Grand Canal Shoppes at The Venetian Las Vegas.

Columbus

The restaurant opened in 2002 and is in the Easton Town Center lifestyle center.

Houston

The restaurant, which has two stories and features a view deck overlooking one of the nicer areas in the city in Highland Village, is similar to the Columbus location in that it was built as part of a "lifestyle community". This location is now closed.

Massachusetts

Two Smith & Wollensky restaurants exist in Massachusetts, with the Boston-based restaurant located on the Fort Point Channel near South Station and the second restaurant in Wellesley. [15]

The original Boston restaurant closed in May 2018. This location formerly occupied the Armory of the First Corps of Cadets, a castle built in 1891 originally intended as a military building. It was the only Smith & Wollensky location on the National Register of Historic Places.

London

It opened in June 2015 as the brand's first restaurant outside the US. It is located in the landmark Adelphi Building off the Strand.

Taipei

The brand's first restaurant in Asia opened in Taipei in 2019. The restaurant is located on the 47th floor of the Taipei Nan Shan Plaza skyscraper. [16]

Taichung

The brand's second restaurant in Taiwan opened on June 12, 2024 in Taichung. The restaurant is located on the 34th floor of the Taichung Time Square CBD building in Taichung's 7th Redevelopment Zone. [17]

Brand

In 2014, Smith & Wollensky Restaurant Group started an additional restaurant type called Wollensky's Grill. [18]

See also

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References

  1. ↑ Ross, Casey (August 23, 2011). "Smith & Wollensky makes Boston its base". The Boston Globe. Archived from the original on June 7, 2012. Retrieved September 25, 2014.
  2. 1 2 Alan Stillman: restaurateur making things happen
  3. ↑ Reichl, Ruth (December 24, 1997). "A Steakhouse to End All Arguments". The New York Times.
  4. ↑ Tharp, Paul (January 21, 1999). "RESTAURATEUR TO STEAK HIS CLAIM WITH IPO". New York Post. Retrieved December 25, 2021.
  5. ↑ "Smith & Wollensky IPO drops 9% - May 23, 2001". money.cnn.com. May 23, 2001. Retrieved December 25, 2021.
  6. ↑ Hennessey, Raymond (May 24, 2001). "Steak House's IPO Receives A Medium-Rare Reaction". Wall Street Journal. ISSN   0099-9660 . Retrieved December 26, 2021.
  7. 1 2 Munarriz, Rick (February 26, 2007). "Smith & Wollensky Snapped Up". The Motley Fool. Retrieved December 25, 2021.
  8. ↑ Balla, Lesley (February 26, 2007). "The Patina Restaurant Group Gorges: Smith & Wollensky Purchase, Maple Drive Renovation". Eater LA. Retrieved December 25, 2021.
  9. ↑ Frumkin, Paul (March 5, 2007). "Patina group buys Smith & Wollensky for $79.6m: S&W founder Stillman to get NYC units". Nation's Restaurant News. Archived from the original on June 18, 2012.
  10. ↑ "Manny Wolf's Chop House". NYPL Digital Collections. Retrieved February 13, 2023.
  11. ↑ "MANNY WOLF, 50, A RESTAURATEUR; Succeeded Father, Founder of Business, as Owner-- Stricken at Home Here HAD FAMOUS CUSTOMERS Theodore Roosevelt, Ex-Mayor Walker and Jurists Among Forsyth Street Patrons". The New York Times. December 14, 1940. Retrieved February 13, 2023.
  12. ↑ "Food Then: Grand Central Terminal/Bryant Park". Baruch College. Spring 2012.
  13. ↑ "Warren Buffett lunch sells for record $2.11 mln". uk.reuters.com. June 28, 2008. Archived from the original on January 12, 2009.
  14. ↑ Crippen, Alex (June 27, 2008). "Warren Buffett Charity Lunch Auction Ends with High Bid of $2,110,100". CNBC.
  15. ↑ Chesto, Jon (May 8, 2018). "Smith & Wollensky to close Back Bay location". The Boston Globe . Retrieved May 8, 2018.
  16. ↑ "Smith & Wollensky Locations - Taiwan". www.smithandwollensky.com. Retrieved June 17, 2024.
  17. ↑ Lee, Charlotte (June 13, 2024). "Smith & Wollensky opens second steakhouse in Taiwan". Taiwan News . Retrieved June 17, 2024.
  18. ↑ Smith & Wollensky Restaurant Group. "All New Wollensky's Grill Now Open". www.prnewswire.com (Press release). Retrieved December 25, 2021.
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