I thought part of the Shubert's agreement with the DOJ 30 or so years ago forbids them from owning any new Broadway theaters. (or was it only for existing theaters, or did it have an expiration date?)
"[located] between West 45th and 46th streets — sandwiched between Frankie & Johnnie’s steakhouse and the Shuberts’ Imperial Theatre. The proposed site is now partly filled with tents selling trinkets to tourists. The Shuberts can build there because they own the lot."
There is also a parking facility there. Do they own both the empty lot and the parking facility?
For what it's worth, this is far from the firs time in NYC that a parking lot got cleared to make way for a building. Granted, I think that this would be the first for a theatre, since typically the parking lots are cleared to make way or fancy condo buildings etc. But, I think you get the general idea.
The all powerful Shubert groupm don't have an habit of naming their theatres after prominent people except ex presidents, if they did then the Cameron Mackintosh theatre would be up there as he has kept their theatres filled for over 30 years.
You got more chance Carrie taking the Lunt Fpntanne than having the Michael Riedel Center for Performing Arts.
yes, I am aware that parking lots get developed into other uses. I was just curious if they were going to try to squeeze the theatre onto the empty parcel of land, or if they were going to have the luxury of using all the space, including the parking facility.
Also, Frankie & Johnnie’s steakhouse is on 45th St, and The Imperial is on 46th (although the entrance is on 45th). I'm curious where exactly they will be placing this.
The Shuberts own the entire end of that block including the Frankie and Johnny's building. If you look at the parking garage you'll deduce that it is in the shape of a theatre which used to stand there.
The Shuberts own lots of land and buildings around town using various corporate names. For instance the building next to (and cantilevered over) the Broadway Theatre sits on land that the Shuberts own and collect lease money from. This is at 52nd and Bway. Also several blockfronts on Broadway near Columbia University and supposedly some blockfronts on 7th Ave in the garment district. They own lots of land. It really is a real estate company.
Let's get the theatre built before we name it. Even if every wind blows favorably, it will take five years. And will it be a freestanding theatre or part of a larger building?
As for the DOJ ruling, that was lifted quietly in the mid 80s just in time for the Shuberts to pass on bidding to operate the Marquis. I have always wondered why they passed. They said it was because audiences would have to enter through the hotel and because the bathrooms were in the lobby. Oh please. I wonder what the real reason was.
"If my life weren't funny, it would just be true. And that would be unacceptable."
--Carrie Fisher
The Shuberts have been on a buying spree with the purchase of New World Stages and now potentially a new theatre. IIRC They've sold the airspace above their theatres which will worth a lot of money
Before looking at bandit's map, I hadn't realized that there's so much "empty" space on that block, especially if you count the parking lots. Such a good location! The Shuberts would be smart to put up a mixed use building with a theater or two in the lower levels.
I imagine it'll be mixed use rather than solely just a theatre, I think a restaurant would work alongside a theatre so it's additional revenue and has a steady supply of customers even when the theatre is dark.
We had perfectly good theaters that were knocked down. Much like the original Penn Station , the powers that be are now basically admitting it was a mistake to knock down the theaters as they have by trying to build a new Penn Station.
Imagine the Hotel Astor with its rooftop garden instead of the monstrosity called the Marriott. Progress???