Because it was painted over, this sign can be hard to see (in fact I was looking for it and walked right past it initially). Schrafft's was a venerable chain of sit-down restaurants that mostly catered to "ladies who lunch". The first Schrafft's opened in the early 1900s, and at it's peak there were over 50 around the NYC area. The company was acquired by a conglomerate in the late 1960s, and by the early 1980s the chain was gone. This sign is believe to be the last remnant of Schrafft's.
happy holidays
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