Steve Abrams has worn a lot of hats in his career — restaurateur, bar owner, high-end residential builder. In his latest foray, the 53-year-old entrepreneur is the CEO and majority owner of Magnolia Bakery, a New York City bake shop chain that has its competitors salivating with envy. But when it comes to frosting a cupcake or squeezing a pastry bag, he is the first to admit he’s all thumbs.
"I didn't go to school for this," says Abrams, a Queens-born college dropout and self-described "big picture guy" who delegates the day-to-day operations to his seasoned management team. His full-service bakeries serve up an array of handcrafted cakes, pies, pudding, brownies, cookies and mini cheesecakes — all prepared in small batches daily. While Abrams may not know much about baking, he sure knows how to run a bakery.
After investing $1 million of his own money in 2006 to buy Magnolia — the 620-square-foot Bleecker Street store that TV show Sex and the City made famous — today revenues top $23 million from six locations. There are now four New York stores, as well as bakeries in Los Angeles and Dubai. Abrams is also eyeing expansion in cities like Boston and Chicago and suburban locations in New Jersey and Long Island, N.Y.
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