A24 buys West Village theater for $10M

A century-old theater has been sold for the first time in nearly three decades, snapped up by an independent film studio.

A24 purchased the Cherry Lane Theatre in the West Village for $10 million, according to public records. An entity named Cherry Lane Venue LLC — which shares an address with the entertainment company — was listed as the buyer.

A24 was reported in November to be exploring a purchase of Cherry Lane.

The theater at 38 Commerce Street is the oldest continuously running off-Broadway venue in New York City, serving as a stage for works from legends such as F. Scott Fitzgerald, Eugene O’Neill and Tennessee Williams. 

The main theater includes 179 seats, while a smaller studio has 60 seats. The property spans three connected buildings, which includes eight residential apartments.

Actress Angelina Fiordellisi acquired the property in 1996. She nearly sold it to the Lucille Lortel Theater Foundation in 2021 for $11 million in an off-market transaction, but that ultimately fell through.

When the property returned to the market, it was listed for $13 million. The property was marketed by Brown Harris Stevens’ Mary Vetri and a listing page has noted a signed contract for months.

Vetri and A24 did not immediately respond to requests for comment. The Cherry Lane Theatre could not immediately be reached.

Daniel Katz, David Fenkel and John Hodges founded A24 in 2012. The studio movie hits include “Lady Bird,” “Moonlight” and “Uncut Gems.” The company’s television filmography includes “2 Dope Queens,” “Ramy” and “Euphoria.”

The distributor is a favorite for Best Picture at the upcoming Academy Awards with its film, “Everything Everywhere All at Once.”

On the very same day the Cherry Lane sale was recorded, the Lucille Lortel Theater Foundation did make a purchase. It bought a three-story retail building in the West Village for $5.4 million, which it plans to use  to “help support emerging artists,” as well as create new works.