The restaurant, called Quintessence, has the owner's picture on its web site.
At this point, it's not certain that this is the guy. But based on the comments from his partner /ex-wife ("It's not proven yet," not "This must be a mistake; he could never do this"), his failure to respond to inquiries, and the fact that the Daily News' lawyers are comfortable with publicly identifying him, it doesn't look good for him.
If you go to Quintessence, avoid the tapioca.
UPDATE: Hoyt's been in similar trouble before. From the NY Daily News:
Hoyt, 43, was arrested in 1994 and charged with public lewdness after he unzipped and flashed a victim at what was then the N platform at Manhattan's Eighth St. subway station, sources said.
He eventually pleaded guilty to disorderly conduct and was sentenced to two days of community service.
Several other more recent victims have come forward as well. Still want to support his restaurant, Tim?
And many European commenters seem to think that public masturbation isn't the real crime here; the real crime is prudish Americans hassling the guy. My favorite response is from Jay:
Wait, wait, I could live in a welfare state AND masturbate on the subway? What the hell am I still doing here?
I've been going around calling myself a "radical libertarian," and now I'm opposed to public masturbation??? I hope that doesn't make me part of the religious right or something!