Landmarked UWS Metro Theatre For Sale
The landmarked, 15,000 square foot theatre at 2626 Broadway between 99th and 100th Streets In Morningside Heights is on the market. The asking price is in the low $20 million range the New York Post and the Real Deal reported.This jewel of a neighborhood movie house gained landmark status because of it's handsome glazed-terra-cotta Art Deco facade and beautiful neon marquee.
When Metro Theatre closed several years ago, the owners had tried to rent out the space to a retail tenant. The property, which has been approved for conversion into a multi-level store plus mezzanine space is now for sale.
The theatre is nestled between two high rise buildings. The new 37 story glass Ariel to the north and the 17 story 1930 Art Deco co-op The Trafalgar at 233 W. 99th Street to the south.
There is a $250,000 annual tax abatement over the next 15 years because the owners took advantage of the city's Industrial and Commercial Incentive Program. Eastern Consolidated is marketing the property.
I hope who ever buys the theatre will keep the integrity of it's original use. What makes a neighborhood great is it's past history and historical buildings.
Why is there an abatement on a gutted, vacant building? Why is the asking price so high?
ReplyDeleteBruce, Thanks for stopping by. They received an abatement through the city's Industrial and Commercial Incentive Program. I'm not too familiar with that program. I guess they give abatements for gutting industrial or commercial space. You can find out about the program at:http://www.nyc.gov The last time I was in the theatre it was deteriorating but still had beautiful art deco details. Before the theatre was for sale they tried renting it without any success for $1.5 million per year
ReplyDeleteIt's 2017 and the Theatre is still vacant....
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