GlobeSt.com UPDATE: $16M Russian Tea Room Sale Closes

NEW YORK CITY-The previously reported sale of famed 57th Street eatery the Russian Tea Room by the United States Golf Association is now final. GlobeSt.com first reported on the $16-million deal in September. (Read earlier story.)

Richard Baxter and Yoron Cohen of Insignia/ESG’s Capital Advisors Group arranged transaction. Attorneys Andrew Jagoda and Jordan Kroop of Squire Sanders represented the sellers, the Warner Leroy estate. Legal representation for the buyer was provided by Marc Abrams of Wilke Farr & Gallagher.

The former hot spot was forced into bankruptcy last summer following a $32-million renovation that, despite its opulence, failed to lure the high-profile clientele the restaurant had previously enjoyed.

The USGA plans to reopen the property as a dining room and museum in which to showcase its extensive collection of golf memorabilia. The museum is set to open in the 2004 to coincide with the U.S. Open Golf Tournament.