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A popular, upscale Bayside eatery has reopened under a new name and management after its former proprietor struck a deal with new operators, citing the flailing economy as a major reason for the change.

Valentino’s on the Green — formerly Caffe on the Green — shuttered and was taken over by brothers Gennaro and Giacomo Alaio for an undisclosed amount last week. The renamed restaurant and catering company, Patrizia’s of Bayside, opened for business on Tuesday, June 12, at the 201-10 Cross Island Parkway site, which is owned by the Parks Department.

According to the brothers, Patrizia’s will have a new menu featuring family-style Italian cuisine and moderate pricing — a decision previous proprietor Giorgio Kolaj said would make all the difference.

Kolaj, who operated Valentino’s for a little over a year, said he has high hopes for the new establishment after searching for an operator who would provide quality Italian food with prices that work with the current economy.

“Patrizia’s more affordable prices make sense in this economy and should help to attract more customers,” said a spokesperson for the Parks Department.

The agency approved the change after receiving a request from the Friendship Restaurant Group, Valentino’s concessionaire under Kolaj. Patrizia’s is now under a 17-year lease, said the Alaios. It will be open for dinner only, for now, six days a week, excluding Mondays.

The new operators said they are honoring all Valentino’s gift cards and certificates, as well as existing catering party contracts.

The Alaios are also owners of three other restaurants in the Bronx, Brooklyn and Connecticut.

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