This year, the rent skyrocketed to its current level of $10,000 per month, prompting the closing, the owners said.
Charles Chaprales also cited "differences" with the landlord as a reason for closing.
Charles Chaprales said he and his brother are not the young men they once were.
"It is time to quit," he said, exchanging a smile with his brother.
John Chaprales said he will remember his years in Harvard Square fondly, having met his wife and other close friends through the restaurant.
Although Charles and John Chaprales are leaving Harvard Square, they are not leaving the restaurant business.
On June 10, they will open Dino's Sea Grille on the corner of Arsenal and Coolidge Streets in Watertown.
Charles Chaprales, who has fished all over the world, said he hopes to catch 70 percent of the fish for the new restaurant
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