Fertile ground: Properties of deceased Times Square smut king might now be in play

Richard Basciano, whose sex shops are now highly valuable properties, was 91

New York /
May.May 03, 2017 05:30 PM

Richard Basciano, the pornography landlord eminence of the old Times Square, died at age 91. And his trio of Properties On Eighth Avenue may now be on the block.

Basciano’s buildings on Eighth Avenue between West 42nd and 43rd Street have long been seedy venues for x-rated goods (and formerly live shows), but are now worth more than their weight in centerfolds. Show World Center, the Eighth Avenue shop, is still in operation and is one of the last XXX businesses around that survived the Times Square redevelopment and attempts by the Giuliani administration to crackdown on smut the 1990s.

The upward pressure that’s been put on real estate values in the area since that time was beyond the control of the king of porn. “Show World is going to close,” Basciano told Crain’s last year. “This real estate is very valuable.” The theater was once described by a city official as “flagship of the sex industry in New York.”

However, Basciano did not close the store while he was still alive and it’s unclear what will become of it.

In Philadelphia, Basciano became infamous for a 2013 building accident that killed seven people when a half-demolished Salvation Army Store He Owned On Market Street collapsed. Basciano was found liable for the incident and was ordered to pay $27 million into a $227 million settlement, the largest personal injury settlement in Pennsylvania history. [Crain’s] — Will Parker


Related Articles

arrow_forward_ios
Taconic, Nuveen pay $70M for UES office building
Taconic, Nuveen pay $70M for UES office building
Taconic, Nuveen pay $70M for UES office building
Almost half of NYC buildings received either a D or F grade (Getty)
48% of NYC buildings fail on energy efficiency
48% of NYC buildings fail on energy efficiency
Durst Organization Chairman Douglas Durst and Port Authority Chairman Kevin O’Toole (Getty, O'Toole Scrivo)
1 WTC set for $700M refinancing
1 WTC set for $700M refinancing
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
(Facebook via The Palms Hotel Fire Island)
Fire (Island) sale: Palms Hotel hits the market
Fire (Island) sale: Palms Hotel hits the market
Trump International Hotel D.C. and Donald Trump (Getty, Trump Hotels)
Trump could profit $100M in DC hotel sale
Trump could profit $100M in DC hotel sale
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
Enterprise President and CEO Priscilla Almodovar (Getty)
Enterprise closes low-income housing funds after raising $365M
Enterprise closes low-income housing funds after raising $365M
arrow_forward_ios

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

Loading...