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A friend lives in the same building and this is what I was told: Saigon Grill purchased the entire building and is taking over the floor above it, where it will be a wine bar or something. Supposedly, they are now recreating the interior. So in essence, Saigon Grill is now my friend's landlord and for the time being he does not have to move (they are not planning on making the resto more than two levels). They are aiming to open in two months, so "early 2007" makes sense.
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re: gloriousfood
The University Place location is pretty swank compared to the old UES location (or even, from what I hear, to the UWS location) so I find extensive renovations to be a pretty believable excuse.
The UES location did pretty brisk business back when they were open so I have to think (knowing, admittedly, absolutely nothing about the restaurant biz) they weren't losing money on the location. My one fear was that they were trying to sell the space (a nice corner location on the ever-gentrifying UES), but if the opposite is true and they're buying up the whole building, then all the better ...
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