Larchmont, NY – Developer buys Larchmont playhouse, will keep it as movie theater
From lohud.com: A New York City developer has purchased the iconic Larchmont Playhouse and plans to keep it as a movie theater, focusing on foreign, independent and arthouse films.
Charles Cohen closed on a deal Friday to buy the three-screen theater, according to a news release. The theater has remained vacant since last year.
No financial details on the acquisition were released, but Cohen said he hopes to begin an 18-month renovation and redesign of the playhouse by early 2018. He said he plans to keep the exterior as is, to preserve its historic character. The most recent asking price for the theater was $1.5 million.
“The audiences for independent and classic films are underserved here in New York and largely throughout the country due to the steady decline in the number of screens as well as the aging infrastructure of the theaters that serve serious cinema lovers,” Cohen, of Harrison, said in the news release. “I’m hopeful that my efforts to buy and upgrade movie houses of historical importance will have a positive impact in helping to begin to reverse that downward trend.”
The iconic facility, located at 1975 Palmer Ave., closed in September 2016 after a run of over 80 years. Cohen purchased theater from IP UTP Larchmont LLC after potential deals with a number of local suitors failed.
The theater was owned at one point by Regal Cinemas but was put up for sale in April 2016, with a $1.5 million asking price.
Cohen recently revitalized, restored and reopened the Quad Cinema in Greenwich Village. He also oversaw the renovation of New York’s Academy Theatre at Lighthouse International and directed the construction of the Silver Screen Theatre inside his Pacific Design Center in West Hollywood, according to the release. He is also planning to develop a series of high-end boutique cinemas around the country.
Cohen is head of New York-based Cohen Media Group and owns Cohen Brothers Realty Corp.
Story link: http://www.lohud.com/story/news/local/westchester/2017/09/08/larchmont-playhouse-bought/645909001/
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