New York's most sought after restaurant for sale at $10.5 million

Italian dishes

Italian dishes Image by Digipam / CC BY 2.0

The New York restaurant that has become the hardest place in the US to book a meal in is up for sale for a cool $10.48 million.

The landmark premises, located at 265 Pleasant Avenue in East Harlem, also includes 22 luxury rental apartments upstairs, the Daily News reports.

The famous Rao's, which boasts an A-list of names such as local Woody Allen, Robert De Niro, Al Pacino and politicians such as former US President, Bill Clinton and ex-mayor Rudy Giuliani, has become a memorable experience for its Italian-American cuisine. But there are just 10 tables in all inside the century old hot-spot and the owners, ‘Good fellas’ actor Frank Pellegrino and attorney Ron Straci, are said not to countenance new reservations.

And the reason for selling? Listing broker, Thomas Gammino of Cushman & Wakefield said the owners are selling now to “capitalize on the greatest market in years”.

The Rao's background is fascinating. It opened its doors in 1896 and was the scene of several high-profile crimes. The reputed mobster Louis (Lump Lump) Barone got 15 years in prison for shooting a man dead after he heckled a woman singing "Don't Rain on my Parade" in the saloon in 2003. The restaurant was also gutted by a fire in 1995.

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