Petraska Empire Symbol of Economic Woes

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Yesterday, our friends at Eater got word that Sasha Petraske's cocktail empire was crumbling underneath the weight of mounting losses caused by the Mercury Dime. According to Petraske, things are so bad at his 5th Street coffee house that it " is practically bankrupting his other operations." We feel for Sasha, and truly hope that his wonderful other locations are not damaged, we couldn't help but notice how this tale is a microcosm of the current US economy. You see, Petraske was trolling along just find, earning a successful living with East Side Company, Milk and Honey and Little Branch. But then came this opportunity that he couldn't pass up, taking over the 5th Street carriage house and turning it into a Belgian beer and wine bar. His other risks had paid off, why not this one? So he does the deal, knowing full well that he would still need to deal with the dreaded Community Board. That obviously hasn't gone so well, and now the place is hemorrhaging money and dragging down the rest of his empire.


Sound familiar? But unlike the large financial institutions, the federal government isn't going to come in and take this toxic deal off his books. At some point, Sasha will have to shut it down and the space will sit vacant until the CB is willing to grant anyone a liquor license. There do not appear to be any viable development scenarios for the space. We would think they would like an experienced operator, but what do we know? Until then, all we can do is watch and see if the tides turn.




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