Broadway Theater Owner Floating On Air After Record-Breaking Deal

[Robbie2]

Posted: 9/14/21 at 9:14pm

Everything’s coming up roses for the Shubert Organization.

The Shubert Organization recently agreed to sell two vacant lots and the air rights above the Imperial Theatre to Extell Development Company for $82.3 million.https://www.forbes.com/sites/marchershberg/2021/09/12/shubert-organization-floating-on-air-after-record-breaking-deal/?sh=64a28f826626

According to Julio Peterson, Shubert’s vice president of real estate, the company considered constructing a new Broadway theatre in the space over a decade ago. But, after the economic downturn in 2007, Shubert abandoned its plans for the site.

Disappointed that a T H E A T E R is NOT being built within the space! Why could't they include a mid-size house that seats 1000 something that BWAY could use!?

[saxpower]

Posted: 9/14/21 at 11:55pm

Until we see how Broadway bounces back- including seeing if any of the current/new shows close,  a new B'way house isn't going to be an attractive investment.   While in recent years, all 41 were spoken for, that may not be the same for a while.   Hopefully, things will bounce back quickly but too many unknowns for a new theatre (unless perhaps whoever is building in the lots next to the entrance put a theatre in the building for tax/zoning reasons).  Before 42nd Street was fixed there were fewer theaters (34 I think) and some would still stay dark for years.  Not saying that would happen again, but 41 may be a lot to fill for a bit (I'm ignoring the unavailability of the Cort and the Palace for the moment-by the time a new theatre was built they should be reopened). 

Hopefully they will at least preserve the 45th Street facade and marquee.   (46th street side is basically a plain wall- from the picture on Google Maps, there may have been decorative patterns in the brick at one point but they've worn away). 

 

[uncageg]

Posted: 9/15/21 at 12:52am

And if I am not mistaken, they planned a while ago to put a theater in those lots at 45th and 8th but realized it wasn't possible. I think right around the time that outdoor market closed.

[Smaxie]

Posted: 9/15/21 at 3:42am

A new theatre had been intended for development of the land, but I believe the Shubert Organization decided it would be too expensive to build one and the demand for theatres is enough as it is. I do think a new musical theatre on W. 45th Street would have been in constant demand, but clearly not cost-efficient to build.

[bway0]

Posted: 9/15/21 at 4:06am

uncageg said: "And if I am not mistaken, they planned a while ago to put a theaterin those lots at 45th and 8th but realized it wasn't possible. I think right around the time that outdoor market closed."

Is that what was there? An outdoor market? I’ve always wondered about that open space. 

[Wick3]

Posted: 9/15/21 at 5:48am

Wow I thought it would sell higher than $82 million given that’s prime land.

[saxpower]

Posted: 9/15/21 at 1:28pm

bway0 said: "uncageg said: "And if I am not mistaken, they planned a while ago to put a theaterin those lots at 45th and 8th but realized it wasn't possible. I think right around the time that outdoor market closed."

Is that what was there? An outdoor market?I’ve always wondered about that open space."

Looking at Street View, it was a parking garage from 2009 until sometime between August 2015 and September 2016.  

[Sutton Ross]

Posted: 9/15/21 at 1:33pm

^ Correct. So glad this is happening. 

[temms]

Posted: 9/15/21 at 3:01pm

Instead of a new theatre they should take the money they would use for that and do whatever it takes to get the Hellinger back. 

[Melissa25]

Posted: 9/15/21 at 3:16pm

Is that what was there? An outdoor market? I’ve always wondered about that open space. 

This is also the space where Natasha, Pierre and the Great Comet of 1812 played in its tent September of 2013 after it's Meatpacking District stint. 

I cannot believe it has taken this long to develop something. I can't begin to imagine how much has been lost. $82 million doesn't seem like that much considering they got $41M just for the air rights above the Cort.  

 

 

[RippedMan]

Posted: 9/15/21 at 9:16pm

Agreed. Surprised no hotels have tried to scoop it up. Two mid-size theaters would be amazing and then retail on the bottom and hotels at top. 

[uncageg]

Posted: 9/16/21 at 3:03pm

Melissa25 said: "Is that what was there? An outdoor market?I’ve always wondered about that open space.

This is also the space where Natasha, Pierre and the Great Comet of 1812 played in its tent September of 2013 after it's Meatpacking District stint."

Yup. That is where I saw "Natasha, Pierre...". So glad I got to see the tent production.



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