Tenant turmoil means uncertain fate for famed Ziegfeld Theater

TRD New York /
May.May 04, 2012 09:30 AM

The fate of The Famed Ziegfeld Theater On West 54th Street is up in the air. The New York Post reported that Cablevision is looking to sell its Clearview Cinemas chain which has 15 years remaining on its long-term lease of the property, between Sixth and Seventh avenues.

Opened in 1969, Ziegfeld long turned a profit as a 3,000-seat single-screen theater that often premiered big studio movies. But between the recession and the competition from the Lincoln Square IMAX, the theater has faltered in the last five years and reportedly loses $1 million annually.

There are few potential buyers for the theater, the Post speculated, as AMC and Regal would probably need to secure an antitrust waiver to buy the theater and a smaller company likely would not be willing to withstand the losses. Further, because the theater lacks a stage or an orchestra pit, it is not a good candidate to be converted into a theater.

Instead, the most profitable option will probably be for the owners to buy out Clearview’s lease and sell the land to a developer who will use it for other purposes, the Post said.

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Equity Group president Sam Zell (Credit: Getty Images, iStock, Equity Apartments)

Equity Residential decries rent control’s “chilling effect” on development

Gimme squatter: When iBuying homes draw unwanted attention

WeWork to focus on profitability, I.M. Pei’s townhouse listed for $8M: Daily Digest

Blackstone Chief Financial Officer Michael Chae (Credit: iStock; Blackstone)

Blackstone reports boost in Q3 net income; eyes more industrial buys

Crowdfunding: Crowded out?