Nearly everyone in the restaurant business cooks good food. Many however can't figure out how to do it profitably.
There are always edge cases. If your food is incredibly good then people will beat a path to your door sure. But in a city of 24,000 restaurants the exceptions, the hundred or two out of the way culinary sensations tend to prove my general rule not undermine it. And even most of those don't make it to a seventh profitable year.
The places that last own the building or have a long lease.
My point is that (along with all the other boxes one should tick in starting a restaurant in a cutthroat market like NYC) -- and in particular if your goal is to run a business that's actually thriving, and not just marginally surviving -- it's not sufficient.
You'll more likely want one of the tens of hole in the wall spots around xianfoods that have no website, no name, not even a Yelp or a Google map indicator. Things that serve steamed buns out on the street or shops that are little more that hallways to order food and leave.
How'd they get to where they are now? Because they get food, they get what what people really want, and they found a culinary niche that until that point had been widely ignored.
That's how they made their "brand".
This sounds like it was written by someone who doesn't like food. What I've seen in NYC, over and over again, is that of course you don't want the worst location (or financing terms), and you don't want to shoot yourself in the foot with incompetent operational management or an ever-churning staff. However, those are simply the prerequisites; they're necessary, but not sufficient for success.
If you want to thrive, you absolutely have to have a kick-ass product† (that you also happen to wholeheartedly believe in). If your menu just isn't inspiring (or it's too expensive or otherwise not right for the neighborhood / night-time crowd) -- it doesn't matter what your staff turnover is or much forethought you put into the operations. Inevitably you will fail.
But if your menu is truly awesome, people will make a beeline to your little hole-in-the-wall, wherever it is, and jostle for a spot at your narrow formica sitting counter and a chance to wolf down your product, nevermind the styrofoam bowls, plastic sporks and tissue-thin napkins.
Case in point: http://xianfoods.com
† By product I mean the combination of "menu offering, ambience, staff and cultural vibe." The interplay between these can be quite subtle, and it's tricky to get them right (which is why it's really to believe in what you're doing, and have taste in all things, not just food). The point I'm trying to make is that from what I've observed, it's definitely not primarily a matter of managing your margins and not getting screwed by your lease.