Cake Shop’s Future Remains Uncertain
Last Friday night, Brooklyn Vegan broke the news that Ludlow Street music club Cake Shop is in trouble. The web site published part of a desperate email appeal from co-owner Andy Bodes saying the venue would close if an investor didn’t come forward in 72 hours with $10,000. Today Grub Street has an update.
Upon stopping by Cake Shop yesterday afternoon, Jenny Miller discovered the establishment is still open but definitely still in jeopardy. Co-owner Nick Bodor said “several generous individuals” came forward with the $10K. According to Bodor the twin culprits are high real estate taxes, which the landlord is passing on, as well as fines levied during the NYPD’s bar crackdown last year.
Here’s how Grub Street explained the club’s predicament:
…Bodor says costs are up and revenue has been down owing to recent policy changes for Lower East Side bars… The venue now must have a rope and security outside each evening to insure no underage folks get in. They used to let minors into the café at all hours, but can’t take the risk that a bartender fails to check someone’s ID. So “now you have to be 21 to buy a piece of cake,” Bodor laments. Increased requirements for IDs also mean that foreign driver’s licenses don’t pass muster (passports only), which causes Cake Shop to turn away tourists, a loss since “we’re in every edition of Let’s Go!” Bodor says.
Now Cake Shop needs to come up with another $50,000 by June. They’re looking for an equity partner.