How much is a Broadway theatre worth?

[Broadway Flash]

Posted: 6/22/20 at 11:05am

If I wanted to buy the Times Square Church, how much would it be?

[Fosse76]

Posted: 6/22/20 at 11:24am

Broadway Flash said: "If I wanted to buy the Times Square Church, how much would it be?"

It's worth whatever the buyer is willing to pay, and whatever the seller is willing to sell.

[Call_me_jorge]

Posted: 6/22/20 at 12:33pm

I’m sure the theatre itself is not nearly worth as much as the land beneath it.

Updated On: 6/23/20 at 12:33 PM

[Jarethan]

Posted: 6/22/20 at 6:24pm

Agree 100%.  The Helen Hayes and Morocco theatres were purchased not to build a larger theatre empire, but to make way for the Marquis Hotel.  

I loved the Hayes Theatre in particular (the Morosco had a number of great plays, but was probably the dreariest theatre there was at the time); however, since the Marriott played no small role in revitalizing the theatre district, the sacrifice of those theatres (and a couple of really minor ones) may have been worth it.

[SouthernCakes]

Posted: 6/22/20 at 10:40pm

What did 2nd stage pay to buy the Hayes?

[HogansHero]

Posted: 6/22/20 at 10:59pm

around $25mil as I recall.

[Speed]

Posted: 6/24/20 at 2:24am

It's priceless.  If there was a number, it would've been bought back by now.  They ain't sellin.

[tmdonahue]

Posted: 6/24/20 at 10:12am

I'd like to add two things to this discussion.

One is that many/most Broadway theaters are landmarks so they can't easily become...condos, parking lots, etc.  Many have already sold their air rights to other developers so they can't easily go up, anyway.

Two is that almost all the theaters are owned by privately owned corporations: Shubert Organization which owns the most theaters by far, Nederlander, Jujamcyn, or by not-for-profit theaters.  The exceptions are one owned by the City of New York and leased to Disney for a long time and little money, and one recently bought by Ambassador Theatre Group, a large British-based entertainment behemoth, the Lyric, and another ATG leased longterm from the Millennium Hotel, the Hudson.  [Oops, left out the Roundabout which is privately held.]

These two facts add to the difficulty---near impossibility---of determining the worth of a Broadway theater.  Add that the only way to know the worth of something for sure is for it to sell in a arms-length transaction, and one sees there is little data.  

Updated On: 6/24/20 at 10:12 AM

[SouthernCakes]

Posted: 6/24/20 at 11:07am

What about the Church? How much did they pay? $25 million seems so cheap - in relative terms.

[HogansHero]

Posted: 6/24/20 at 11:07am

just to add (without disagreeing that there can be no answer because there is no "market": 

1. The value of a landmarked theatre is limited to its value as a theatre (the idea of building on the land is non-existent except as to the likely-unique situation of the Palace).

2. There are many other variations involving theatres already within other buildings.

3. A lot of buildings in Times Square are built on ground leases.

4. The fact that most theatres are privately owned does not mean they cannot be sold (including the Hellinger plus most of the torn-down ones). 

[tmdonahue]

Posted: 6/24/20 at 3:49pm

Thanks, Hoganshero, I totally agree with everything.

[Alex Kulak2]

Posted: 6/24/20 at 5:15pm

I'll give you 20 bucks for one. 25 if you'll take a check

[Wee Thomas2]

Posted: 6/25/20 at 10:52am

I'll gladly pay you Tuesday for a Broadway theater today