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.
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.