But cutting prices while maintaining quality is easier said than done. Contrary to popular belief, profit margins in fine dining are the lowest in any sector of the food-service industry, at around 1 to 3 percent of revenue. In contrast, if overhead is kept low and the volume of diners is high, a wine bar or a casual-restaurant concept can reap as much as 15 to 20 percent in profit.

In order to stay in the black, restaurants stick to a standard pricing formula: Food should account for about one-third of the price of each dish, on average. For acclaimed chefs like Canora, Psilakis, and Richard, using high-quality ingredients that total well under $10 per plate is an exercise in resourcefulness.

Canora gets the pork for Insieme from one of the country's top producers and uses that relationship for the menu at Terroir. At Insieme, Canora serves pork loin for $30; he's able to get pork blade steak for half the price and put a big, sizzling slab on the menu at Terroir for $15.

"It's a cheaper cut of meat—a cut you would never use for fine dining—but it's coming off some of the best animals in the country," says Canora.

The opportunity for added profit lies in minimizing fixed costs such as rent and salaries. In a casual atmosphere, perfection is not necessary or expected, opening up possibilities for trimming costs without falling short of a diner's expectations.

While the cooks at Citronelle may toss out food that has small (and even cosmetic) flaws or is the result of mistakes in preparation, Richard urges the staff at Central to cut down on waste. Psilakis builds his ideal menu at Anthos first and determines its price second, but he reverses that process at Mia Dona, adjusting the menu seasonally based on when he can get the best ingredients at the cheapest prices. 

Psilakis' partner Arpaia says that salary costs can be kept down by hiring younger, less experienced staff and training them; the formal service for a higher dining concept is much more demanding, and even small learning mistakes are an unacceptable risk.

Decor is another major factor. At Bar Boulud, decreasing space between tables while nixing tablecloths, pricey china and stemware, and floral budgets adds up to larger profits.

Location is one of the trickiest parts of the puzzle, as restaurateurs must balance keeping rent low with attracting enough traffic to keep seats full. Terroir's space in the East Village fell into Canora and Grieco's hands for the price of a Manhattan studio apartment, and they say that the wine bar is on track to become their most profitable project to date "by far."

"In a place like this, everybody wins," says Canora. "Customers don't feel ripped off. We actually make our money back—everybody wins."