Astor Wines & Spirits has been a neighborhood fixture for more than 50 years, and has been at its current location in NoHo since 2006. For the entirety of it’s run, it’s been a family-owned and operated business by the Fisher family. In his statement made via Instagram, CEO Andy Fisher said “My brother Rob, Astor’s chief operating officer, and I believe the best succession plan is to entrust Astor to the people who have been so instrumental in building our enterprise… By becoming an employee-owned business, we ensure that Astor Wines & Spirits will maintain our qualitative standards in selection and service while providing the additional benefit of rewarding our outstanding team.”

The company’s 75 employees all now own a piece of the company, and as owners will receive a portion of profits. The Fishers called the move a “succession plan” for the brothers who own it, as they’re both nearing retirement age. Click here to learn more about this incredible move in the Village Sun.

The BID applauds this historic move by an iconic NYC institution. Cheers to Astor Wines!