RIVER NORTH — Phil Stefani's 437 Rush, the River North hangout that hosted scores of journalists, a few Stanley Cup parties, and President Bill Clinton over its 15 years, has closed.
The restaurant at 437 N. Rush St. closed after its last day Monday, according to a voicemail message. Other media previously reported the restaurant was preparing to close at the end of the month due to a dispute with its landlord.
In an interview, restaurateur Phil Stefani said he was trying to negotiate new lease terms with his landlord for the two months following his lease expiration Dec. 31. A deal was never struck, and Stefani said he will now turn his attention to his other restaurants.
"Real estate is all about economics. It has to make economic sense for the landlord and for the tenant," Stefani said. "We’ve been there 15 years, and for a restaurant nowadays, that’s a long time."
The closing is the end of an era for the restaurant, which took over the building near the Michigan Avenue Bridge which was once occupied by Riccardo's, a storied haunt that attracted old-school newsmen like Mike Royko and Studs Terkel. Stefani opened 437 Rush there in 2001, and has since hosted at least two championship Blackhawks teams and Clinton, among other dignitaries.
Stefani said he'd like to open another Italian restaurant somewhere in the city, but for now is focusing on his daughter's newly-opened Mad Social in the West Loop and Flamingo Rum Club, a bar opening in April at Ohio and Wells streets. A well-known local restaurateur, Stefani is also an owner of Tavern On Rush in the Gold Coast and Riva in Navy Pier.
The restaurant building is owned by the National Association of Realtors, which proposed and then dropped plans a few years ago for a massive redevelopment that would have displaced 437 Rush and nearby Billy Goat Tavern. In a statement, the realtors said no new development is in the works and they are simply seeking a new restaurant for the building now. The realtors declined to discuss lease negotiations with Stefani, or any potential new restaurants now circling the building.
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