Curbcut Urban Partners is negotiating with a movie theater to lease 38,000 square feet of retail space at its eight-story medical-and-office building planned for Sunnyside.
The developer is in talks with a movie theater chain to take the space covering the first and second floors of the 146,000-square-foot development at 38-01 Queens Boulevard, company president and CEO Aaron Malinsky told the Commercial Observer.
“There’s an incredible need for a movie theater,” Malinsky said. “There’s one in Astoria and after that it’s silent.”
The Sunnyside Center Cinemas, which was located five blocks away from the development, closed in January 2015 and independent movie theaters have been struggling to stay afloat amid competition from big multiplexes, according to the news website.
The remaining 2,000 square feet of retail space in the building will likely be rented to a smaller retailer. Asking rent for the retail space is around $75 per square foot.
Curbcut is developing the $70 million project, called QB38 Tower, through a joint venture with Platinum Realty Associates and RW Real Estate Group, which bought the development site in 2015 for $12.1 million. [CO] – Rich Bockmann