Roger Equities bought a movie theater property at 1001 Third Avenue on the Upper East Side for $41 million. The site, which housed Cinema 123 for 64 years before closing in September, will be redeveloped into rental housing under New York City's 485-x tax abatement program. Plans remain preliminary.
S3 Capital provided a $37 million acquisition and predevelopment loan for the deal. Reading International had listed the property with a $50 million asking price seven months prior.
The roughly 8,000-square-foot lot sits across Third Avenue from Bloomingdale's flagship store. New construction could encompass around 80,000 square feet, or nearly 100,000 square feet if an affordable housing component is included.
Newmark arranged the sale and debt. The sales team included Adam Doneger, Adam Spies, and Avery Silverstein. The debt team featured Jordan Roeschlaub, Max Ralby, Niv Shahmoon, and Dante DiStefano.