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Pavilion Theatre sold
posted by
Michael Zoldessy
on
October 9, 2006 at 4:55 am
BROOKLYN, NY — The Pavilion Theatre has been sold in Park Slope. Despite rumors saying otherwise, it will remain a movie theater.
Park Slope’s Pavilion multiplex theater may have been sold, but it’s not a wrap for the popular neighborhood movie house.
While rumors had been circulating that the theater would be converted to residential housing, Abraham Hidary of Manhattan-based Hidrock Realty, whose affiliate purchased the property for $16 million, said they never had any foundation in reality.
For the full story, go to Courier-Life.
Comments (3)
Brooklyn has the worst track record for theatres surviving. This theatre is a big moneymaker, if it closes as a theatre it shows you how this business seems to be winding down :(
I THINK IT SHOWS WHAT realestate IS WORT IN BROOKLYN
I think it shows that the buyer inherited a 20-year lease that pays handsomely…and cannot be broken without the consent of the company that operates the movie theater. If I recall correctly, the operator has two 5-year renewal options as well. So this should remain a theater for decades. I wrote a story about this in Crain’s NY Business a couple of months ago, after the deal to sell the theater was reached.