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New York

Extell to sell shuttered Bronx movie theater site for $75M

Innovo Property Group and Square Mile Capital plan to demolish the theater and expand parking lot

Innovo Property will raze a movie theater and put up a parking lot.

Square Mile Capital and Innovo Property Group, a firm that former Carlyle Group executive Andrew Chung founded two years ago, are in contract to purchase the Whitestone Multiplex Cinemas site for roughly $75 million, according to Crain’s. The companies plan to finance the purchase by sourcing about $56 million worth of debt.

The movie theater closed in 2013, and Extell has been running a commercial parking facility out of its lot, which is 360,000 square feet.

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Innovo plans to increase the lot’s size to 630,000 square feet by demolishing the movie theater, which should boost parking revenues to about $6 million. They may also develop as much as 740,000 square feet of industrial space and lease it to e-commerce companies for deliveries.

Extell purchased the Bronx site at 2505 Bruckner Boulevard in 2015 for $41 million from David Lichtenstein’s Lightstone Group. Lightstone had reportedly planned to convert the property into an outlet mall, but the firm never followed through with this idea.

Cushman & Wakefield’s Adam Spies and Doug Harmon are brokering the deal. [Crain’s] – Eddie Small