A group of local New York City real estate investors including BLDG Management’s Lloyd Goldman, Eric Roth of Brick Capital and Eastern Consolidated’s Brian Ezratty have purchased the famed Midway Theater retail building in Forest Hills for $20.5 million, Roth told The Real Deal.
The two-story, 48,400-square-foot property, at 108-22 Queens Boulevard and 71st Road, is currently home to the United Artists Regal Cinema multi-screen movie theater. It was built in 1940 as a 1,933-seat single screen theater.
The partnership plans to maintain the building as a theater, since the tenant has a long-term lease, but the building might eventually be seen as a development opportunity.
The seller of the two-story retail building, Federal Realty Investment Trust, a real estate investment trust specializing in retail and mixed-use properties, was represented by David Robinov, director of Ackman-Ziff’s investment sales group.
Alan Perlmutter of GCP Capital Group arranged acquisition financing on behalf of the purchasers.
A spokesperson for Federal Realty was not immediately available for comment.
“We were quite fortunate to have been presented with an off-market opportunity to acquire a trophy asset of this kind,” Roth said. “A property like Midway rarely hits the open market for sale and trades hands. While the [theater] generates ample cash flow, there is a tremendous opportunity for future growth as the longer term leases expire and there is 65,000 square feet of available development rights.”
Neither Goldman nor Ezratty immediately responded to requests for comment.
Goldman has been bullish on Queens lately: BLDG acquired a warehouse building at 47-25 34th Street in Sunnyside for $40.73 million in February, The Real Deal previously reported.