Theater company buys Biltmore for $22M

By Adam Pincus | October 07, 2008 12:00PM

After operating the Biltmore Theater for five years,
the Manhattan Theater Club bought the four-story building at 261 West 47th Street
in Times Square for $21.88 million. The sale went into contract and
closed on October 3, according to property records posted today. The
seller was identified as the Biltmore Theater LLC.

The $21.88 million purchase price was part of the previously announced
$35 million cost for the rehabilitation, outfitting and financing of
the theater, and represents the renovation costs incurred by the
seller, said Aaron Meier, spokesman for Manhattan Theater Club, which has its administrative offices and
rehearsal studios at 311 West 43rd Street.

Manhattan Theater Club, founded in 1970, produces new plays
and musicals at the Biltmore Theater and the New York City Center on
West 55th Street. The Biltmore, which houses a 650-seat theater, was
renamed this year the Samuel J. Friedman Theater, in honor of the
Broadway publicist.

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