Due to Rising Price of Beef, NYC Steaks Now Cost $50

Crain's has an interesting report today on the price of premium cuts of meat at the city's steakhouses. Due to the rising cost of American beef, many places are struggling to keep their good steaks under the $50 mark. At venerable old timer Palm, the New York strip is $49.50, and the restaurant plans to hold onto that price for as long as they can. One of the managers notes: "It's been a big conversation at the company....Once you cross over to the $50 [territory], steak becomes a special occasion.”

The cattle supply in the United States has thinned out over the past few years, and foreign markets are importing more and more American beef. The Department of Agriculture also thinks that there will be a 4.1 percent decline in beef supplies this year, so it's not like things are going to get better any time soon. Restaurants like Porter House, Uncle Jack's Steakhouse, and Morton's already serve premium cuts above the $50 mark, and more places are expected to bump up the price soon.
· It's rare, juicy—and $50 [Crain's]
· All Coverage of Palm [~ENY~]
[Photo: Grace Notes NYC]