Theater company closes on MiMA commercial unit purchase

New York /
Aug.August 17, 2011 05:45 PM

Midtown-based Signature Theater Company has closed on its purchase of a commercial unit at 450 West 42nd Street for $6.666 million, according to public records filed with the city yesterday. The purchase, which closed July 20, marks another step toward the completion of its new $60 million home within MiMA, the Related Companies’ high-rise mixed-use development, which is also home to the Yotel Hotel. The facility is due to open in February 2011.

A publicist for Signature confirmed the purchase, saying that the new space will allow the company to expand its programming “exponentially.” The Frank Gehry-designed 70,000-square-foot center will feature three theatres, including a 199-seat proscenium theatre, a 199-seat flexible courtyard theatre and a 299-seat end stage theatre, as well as a rehearsal studio, café, bookstore, and offices all on one level.

Signature had initially intended to build in the Financial District but James Houghton, the company’s artistic director, said he is happy with the new location.

“This site is much more sympathetic to what we were going after. We’re [staying in the] the Theater District,” he told the New York Times last year. The company is currently based at 555 West 42nd Street near 11th Avenue.

The city is contributing $25 million toward the construction of the theater, which began in 2009.

A Related spokesperson declined to comment on the sale beyond saying that the theater building would open early next year.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
From left: Stephen Ross, Andrew Yang, Eric Adams, Kathryn Garcia and Shaun Donovan (Getty)
Real estate plots to prevent second de Blasio disaster
Real estate plots to prevent second de Blasio disaster
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
Vornado Realty Trust’s Steve Roth,  Daryl Roth and Related Companies CEO Stephen Ross (Getty)
Steven Roth’s wife bets $500K on McGuire for mayor
Steven Roth’s wife bets $500K on McGuire for mayor
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...