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When former models Eric Petterson, Carolyn Benitez, and Charles Milite opened the Coffee Shop in 1990, they barely modified the restaurant's fifties-kitsch interior and spent only $500,000 on the launch. At their subsequent venture, Luna Park, they added some chairs, tables, and holiday lighting to create an atmosphere that draws crowds all summer. But here they've gone high-design with the more-than-$3 million Union Square Ballroom Lounge and its adjoining catering facility. The Frank Lloyd Wright-ish lounge, with wall-to-wall sofas and elliptical fireplace, will be open five nights a week, with plenty of appetizers and drinks to satisfy the palate. — Rob Patronite and Robin Raisfeld

Though a few unobtrusive features like recessed-floor lighting give it a modern feel, the two-room, 4,000-square-foot ballroom is generally (and intentionally) a blank canvas that couples can tailor to their style. The venue can host up to 150 seated guests for weddings at a cost of $160 per person. A swank lounge connected to the ballroom can host a cocktail hour.

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