It’s not but time for the final exhibiting on the Cinema 123 by Angelika, however as actual property builders hunt for alternatives, it might be coming quickly.
East Village-based Studying Worldwide is placing 1001 Third Avenue on the Higher East Aspect up on the market, Crain’s reported. The corporate is hoping to land $50 million for the property, which may play to a bunch of redevelopment ideas.
The location is caught between East 59th and East sixtieth streets, throughout from the flagship Bloomingdale’s retailer. That would make it ripe for a unique flagship retail location, based on advertising and marketing supplies for the positioning.
However those self same supplies additionally see a path ahead for a residential, business or resort growth, or a luxurious mixture of any of the above. Newmark’s Adam Doneger, Adam Spies and Avery Silverstein are accountable for the advertising and marketing.
Any of these choices may enable for as much as 79,000 sq. ft of redevelopment. That jumps by one other 16,000 sq. ft with the reasonably priced housing bonuses, based on the advertising and marketing supplies.
The 8,000-square-foot lot homes the 24,000-square-foot movie show Cinema 123, a part of the bigger Angelika Movie Middle chain, which has different areas in Manhattan. The theater continues to be open, although a redevelopment would presumably shut it down, as would the lack of Studying Worldwide as proprietor except it leases the area again.
The corporate is seeking to enhance its liquidity, based on a latest Securities and Alternate Fee submitting. A restricted legal responsibility firm affiliated with Studying Worldwide bought the positioning in 2005 for $12.2 million.
Studying Worldwide owns leisure belongings in america, Australia and New Zealand. It owns 55 film theaters, along with holdings such because the Orpheum Theatre within the East Village and Minetta Lane Theatre in Greenwich Village.
The Higher East Aspect web site is near a 24-story, 81-unit property at 1026 Third Avenue that Kahen Properties filed plans to construct three years in the past. Items on the constructing turned accessible to lease final 12 months.
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