From the Queens Courier:
Terrace on the Park operators want to upgrade the facility and are looking to get a new lease on the popular and historic Flushing Meadows-Corona Park catering hall to do so.
Their contract with the city’s Parks Department expires next March, officials said.
The department has issued a new Request for Proposals (RFP) for the 52-11 111th Street site.
“While the current concessionaire has invested more than $8 million in capital improvements, exceeding the requirements of their license agreement, it is clear that additional infrastructure investments are needed,” a Parks spokesperson said.
George Makkos, co-owner of Terrace on the Park, said they have invested $12 million so far to better the catering hall.
But the 100,000-square-foot building needs “millions” of dollars more in capital improvements which cannot be done under the looming lease expiration date, Makkos said.
“Given the size and complexity of the building, the money that we will need to spend will never be recovered in the time, in the lease that we have left,” he said.
Makkos said he and co-owner Jimmy Kaloidis want to retain and upgrade the catering hall.
Here's more on the current owner: