This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

New or Classic, Steakhouse Stock Stays Strong

By Lacey Tisch-Sidney for TravelsinTaste

There is no shortage of beef here! Whether it's an old-school joint or upscale restaurant, steakhouses remain all the rage, as they have for more than 100 years. There is a substantial difference between the original houses that became popular in the late 1800s and the new-wave steak joints, though, including Michael Jordan's and Strip House, which have emerged and flourished during a time of revolutionary cuisine.

The establishment carnivore cathedrals are Peter Luger's, P.J. Clarke's, The Palm and Keens, where the menus -- prominently displaying at least four types of dry-aged beef -- might as well bear the slogan "Show off the beef." Lugers' advertises proudly that its USDA prime beef is dry-aged in its own aging box, and Keens' steaks are similarly hand-picked and dry-aged on the premises.

Strip House
The Strip House in Las Vegas, designed by David Rockwell, includes art noir photographs expertly shot by Studio Manasse in Vienna in the early 1900s.

Most of the entrees at these restaurants are steak, of course, but diners shouldn't skimp on the other courses. The iceberg wedges, bacon, creamed spinach, beefsteak tomato, oysters and shrimp cocktail, while sounding run-of-the-mill, are fresh and honed to perfection -- all part of an unforgettable repertoire.

The originals also have a flair for the past in decor, which tends to have a masculine swagger reminiscent of an exclusive saloon. The Palm features caricatures of the famous (and sometimes infamous) who have been regular patrons. Keens Steakhouse owns the largest collection of churchwarden pipes in the world. (Members of the Keens Steakhouse Pipe Club include Albert Einstein, Babe Ruth and Teddy Roosevelt.) Even more charming is the pay phone and cigarette machine at P.J. Clarke's -- where Johnny Mercer penned the song "One for My Baby" -- which are out of order and will likely remain that way forever. New York Gov. David Paterson apparently secretly swore in Dick Ravitch as lieutenant governor at Peter Luger's.

So while there might not be such great variation among the menus of the classic steakhouses, they have created a delicious recipe for success.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs