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Balaton in Shaker Square struggles to stay afloat during COVID-19

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The trouble to avoid wasting Balaton comes amid potential sale of Shaker Sq..

CLEVELAND — Lengthy earlier than the Balaton Hungarian Restaurant took up a nook on Shaker Sq. within the 1990’s, it was already an establishment.

It was a staple on Buckeye Highway, on Cleveland’s east facet, the place it was first Theresa’s Kitchen.

“Theresa began it,” mentioned George Ponti, supervisor. “However in ’64 it turned Balaton Restaurant…and so they took it from there.”

Ponti is a part of the third era to run the household enterprise and the one to come across, maybe, its darkest days, because of COVID-19.

“When the longer term comes, we are able to’t pay each loans again, and our current bills,” he mentioned. “And personally, I used to be sticking my head within the sand for months and months and months and making an attempt to determine easy methods to climb out of this.”

First, his landlord was lenient on lease. Second, Ponti knew his prospects, who helped put him on the nation’s meals map, would return.

This week, the restaurant arrange a GoFundMe to assist recuperate bills misplaced. 

On the identical time, the corporate that owns Shaker Sq. has been going through foreclosures after defaulting on a mortgage.

Peter Ruban is CEO of the Coral Firm, which manages the Sq., and says, Shaker Sq. is within the technique of being bought quickly.

Many particulars stay confidential.

“It’s simply horrible unlucky timing that it acquired caught within the maturity of an previous mortgage that’s 5 years previous within the midst of Covid-19,” Rubin mentioned.

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As for the potential new house owners, Rubin confirmed this weekend that he’s negotiating with a gaggle of “community-minded private and non-private buyers” and now “going forwards and backwards” on a contract.

Extra from Andrew Horansky:

Editor’s Word: The under story aired on January 22, 2021

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