Pavilion Theatre sold

posted by Michael Zoldessy on October 9, 2006 at 12:55 pm

BROOKLYN, NY — The Pavilion Theatre has been sold in Park Slope. Despite rumors saying otherwise, it will remain a movie theater.

Park Slope’s Pavilion multiplex theater may have been sold, but it’s not a wrap for the popular neighborhood movie house.

While rumors had been circulating that the theater would be converted to residential housing, Abraham Hidary of Manhattan-based Hidrock Realty, whose affiliate purchased the property for $16 million, said they never had any foundation in reality.

For the full story, go to Courier-Life.

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Comments (4)

RobertR
RobertR on October 9, 2006 at 4:36 pm

Brooklyn has the worst track record for theatres surviving. This theatre is a big moneymaker, if it closes as a theatre it shows you how this business seems to be winding down :(

longislandmovies
longislandmovies on October 9, 2006 at 7:58 pm

I THINK IT SHOWS WHAT realestate IS WORT IN BROOKLYN

erikengquist
erikengquist on October 10, 2006 at 2:22 am

I think it shows that the buyer inherited a 20-year lease that pays handsomely…and cannot be broken without the consent of the company that operates the movie theater. If I recall correctly, the operator has two 5-year renewal options as well. So this should remain a theater for decades. I wrote a story about this in Crain’s NY Business a couple of months ago, after the deal to sell the theater was reached.

Warren G. Harris
Warren G. Harris on October 11, 2006 at 8:02 pm

A report in today’s New York Times says that Hidrock Realty paid $16 million for The Pavilion. I somehow doubt that Hidrock hopes to recoup its investment by continuing to operate The Pavilion as a cinema. More likely, Hidrock intends to demolish it to build housing that would take advantage of its superb location opposite Prospect Park.

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