NEW YORK (CBSNewYork/AP) – The end of an era is near.

The Four Seasons restaurant, a New York City dining institution once known for the power lunch, is going to close Tuesday.

The owner cited the cost of running a restaurant in New York City.

“We have privileged to work with one of the finest culinary teams and outstanding staff that has stayed with us through some challenging times over the course of our history,” said managing partner Alex von Bidder. “We thank our loyal guests for the opportunity and support over the years.”

The Four Seasons lost its home in the Seagram Building when developer Aby Rosen took over the landmark skyscraper in 2016. It reopened in August 2018 in a new location three blocks away.

The restaurant’s other longtime managing partner, Julian Niccolini, resigned last December amid sexual misconduct allegations.

Von Bidder said it was “hard to measure” the impact of Niccolini’s forced resignation on the restaurant’s closing.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)