Rice to Riches, the iconic rice pudding destination that has been delighting New Yorkers from its Spring Street location since 2003, is set to open a second spot. After two decades of serving up unique rice pudding creations in Nolita, this marks the first expansion for the beloved Manhattan dessert shop.
Signs have emerged at a new storefront in the Lower East Side, specifically at the intersection of Ludlow and Rivington streets. The new location appears to embrace the signature, futuristic “Space Age” interior design that has become synonymous with the original Rice to Riches on Spring Street. Known for being Manhattan’s only business solely dedicated to rice pudding, Rice to Riches has cultivated a playful brand identity, characterized by its whimsical, space-themed décor and pun-filled flavor names like “Fluent in French Toast” and “Sex Drugs and Rocky Road.” Intriguing screens within the Lower East Side location are currently displaying text that reads, “Rice to Riches… it’s a mystery wrapped in a riddle, inside of an enigma.” Eater has reached out to Rice to Riches for further details regarding this exciting expansion.
Beyond the delectable desserts, the history of Rice to Riches is intertwined with a surprising backstory. Just two years after opening its doors on Spring Street, founder Peter Moceo Jr. faced charges related to allegedly running a substantial $22-million-a-year gambling operation in the New York area, as reported by a New York Times article. The alleged operation was described as potentially “one of the largest gambling operations ever in Suffolk County.”
In a city known for its rapidly changing landscape and expensive retail spaces, the enduring presence of the original Nolita location on Spring Street is a testament to the brand’s appeal. This is particularly notable considering that rice pudding, while undeniably comforting, isn’t always considered the trendiest dessert in the ever-evolving New York culinary scene.
Back in 2005, amidst the legal issues surrounding its founder, Rice to Riches faced investigations into potential money laundering allegations. However, Moceo Jr.’s lawyer vehemently denied these claims at the time, according to the Times. The lawyer dismissed the entire case as an overblown scenario fueled by “too many people watch[ing] the Sopranos” and firmly asserted his client’s innocence.
The Times investigation, citing Nation’s Restaurant News, also estimated Rice to Riches’ sales to be averaging between $15,000 and $18,000 per week in 2005. Moceo Jr. himself stated that the business became profitable within its first 18 months. More recently, in 2021, a Reddit thread emerged, dedicated to speculating about the secrets behind Rice to Riches’ long-term success in NYC. Adding another layer to their story, Rice to Riches received approval for a $41,243 Paycheck Protection Program (PPP) loan in May 2020, designed to support small businesses during the pandemic, as per ProPublica’s database.
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As the Lower East Side eagerly awaits the opening, the question of ownership remains. It is unclear whether the Moceo Jr. family is still at the helm of this new venture. The current Rice to Riches website refrains from naming a specific owner, instead highlighting the founder as a “rice pudding architect” who “worked seven days a week toward what he dreamt would someday become a NYC landmark.”
For the majority of its existence, Rice to Riches has maintained a relatively low profile, focusing on serving its extensive menu of over 20 varieties of rice pudding. In 2010, Rice to Riches was recognized for inspiring the spread of the comforting dessert to Hoboken, New Jersey. The shop even made a cameo appearance on the popular HBO series, Girls. More recently, Rice to Riches has captured the attention of a new generation through platforms like TikTok.
For those outside of New York City craving their unique rice pudding, Rice to Riches offers nationwide shipping via Goldbelly. With this expansion from its original Spring Street location, Rice to Riches is poised to further solidify its place as a New York City dessert institution.
