The summer is usually the busiest season for movie theaters, but the New York Post noted that the famed Ziegfeld Theatre, the city’s largest surviving single-screen venue, has been closed for much of it. Still, Cablevision, which for months has been trying to sell its Clearview Cinema division that runs the West 54th Street theater, insists Ziegfeld is in no danger of closing.
The theater was closed over Memorial Day Weekend and for much of June before opening again for the arrival of “The Amazing Spider-Man” last week. Ziegfeld is reportedly losing $1 million a year as the dwindling business from its once-famous Hollywood premiere showings is cutting into revenue. And even though it is known for having one of the best screens and sound systems in the city, the theater has drawn just sparse crowds on many days.
Ziegfeld’s plight is similar to that of many other New York City cinemas, which feel pressure amid rising real estate values.
Despite the apparently fledging financials and the value of the real estate the theater sits on — which some insist the city would prefer to use for a hotel or development — Clearview issued a statement saying it has “no plans to close the Ziegfeld Theater.” [Post]