Tenant turmoil means uncertain fate for famed Ziegfeld Theater

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

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Photo Illustration of Paramount Group Chairman, CEO and President Albert Behler in a Manhattan Equinox (Paramount, Equinox, Getty)
Despite rent-deferral agreement, landlord claims Equinox still won’t pay
Despite rent-deferral agreement, landlord claims Equinox still won’t pay
45 South Grove St in East Orange (Rendering via Progress Capital)
Hero Construction lands $20M loan to build East Orange apartments
Hero Construction lands $20M loan to build East Orange apartments
One New York Plaza and 60 Broad Street (Brookfield, Google Maps)
Manhattan office rents hit 4-year low as availability remains record-high
Manhattan office rents hit 4-year low as availability remains record-high
The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
Cardboard demand could fuel an industrial real estate boom
Cardboard demand could fuel an industrial real estate boom
MSCI CEO Henry Fernandez and Real Capital Analytics founder Robert White (MSCI)
MSCI to acquire Real Capital Analytics for $950M
MSCI to acquire Real Capital Analytics for $950M
arrow_forward_ios

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

Loading...