At a glance
- S3 Capital provided a $37 million acquisition and predevelopment loan, about 90% of the purchase price.
- The roughly 8,000-square-foot lot sits across Third Avenue from Bloomingdale's Manhattan flagship.
- Roger Equities intends to convert the site to rental housing under New York City's 485-x tax abatement, a person familiar with the transaction said, with plans still preliminary.
Roger Equities bought the Cinema 123 theater site at 1001 Third Avenue in Manhattan for $41 million, about 18% below the $50 million target Reading International set when it listed the property seven months earlier.
S3 Capital provided a $37 million acquisition and predevelopment loan, about 90% of the purchase price. Commercial Observer first reported the sale and named the buyer on Nov. 10; MarketWatch reported the price in early September.
The roughly 8,000-square-foot lot sits across Third Avenue from Bloomingdale's Manhattan flagship. It can hold about 80,000 square feet of residential, and nearly 100,000 square feet if the project includes an affordable component, Crain's New York Business reported. At the 80,000-square-foot envelope, the $41 million purchase price works out to about $510 per buildable square foot; if the larger envelope is built, the land cost would be about $410 per buildable square foot.
Roger Equities intends to convert the site to rental housing under New York City's 485-x tax abatement, a person familiar with the transaction said, with plans still preliminary. Cinema 123 ran there for 64 years and closed in September, ahead of the sale.
Reported by the Deals desk from Commercial Observer and Crain's New York Business (via Commercial Observer). Published . Corrections