British firm buys lease for Broadway’s Foxwoods Theatre
Britain’s biggest theater company has purchased a long-term lease for Broadway’s biggest venue, Foxwoods Theatre, for an estimated $60 million, the New York Times reported.
Ambassador Theater Group secured the lease that — if renewed — extends through 2073, the company’s executives told the newspaper. The 1,932-seat theater, at 213 West 42nd Street, is now home to “Spider-Man: Turn Off the Dark.” Live Nation put Foxwoods on the market in December after operating for the building owner, nonprofit New 42nd Street. Ambassador bought the lease through one of its subsidiaries, Lyric Theater LLC, the Times reported.
One of Ambassador’s chief executives, Howard Panter, has produced such Broadway shows as “The Mountaintop” and “Bonnie & Clyde.”
In March, the theater received bids from Broadway producer Jon Platt, of “Wicked” and “The House of Mormon” fame, and Jordan Roth, president of Jujamycn Theaters, the third largest owner of Broadway houses. Platt and Roth each offered about $45 million, well below the theater’s $60 million valuation, because of a $15 million pension liability issue, as previously reported.
Some productions at Foxwoods have struggled to turn a profit. Others, such as “Spider-Man,” have seen a series of technical difficulties. [NYT] –Mark Maurer