By Gus Saltonstall
An arts nonprofit looking to purchase the long-shuttered Metro Theater on the Upper West Side has signed a $7 million agreement with the owner to purchase the property, The New York Times reported Friday evening.
The nonprofit, Upper West Side Cinema Center, led by film producer Ira Deutchman, said on Friday that it has reached an agreement with the Bialek estate, which is the current owner of the theater on Broadway between West 99th and 100th streets.
There are a few important details regarding the not-yet-finalized transaction, though.
The Upper West Side Cinema Center has until the end of the year to raise the $7 million needed for the sale.
If the nonprofit succeeds in securing the money needed for the sales price, it would then have to raise another $15 to $25 million for its restoration, according to The New York Times.
John Simoni, a lawyer for the Bialek estate, told the Times that his client was “delighted” to have reached an agreement to sell the theater, but did not specify any more of the terms.
Metro Theater has been closed since 2005.
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In the words of Joan Rivers, “Oh Please”.
Despite years of disappointment about this theater, and fresh off the Big Disappointment, I’m ready to be optimistic about the prospects here. One question, though: the nonprofit’s site indicates that they are looking for donors — but only of $25K and up. Why not solicit donations of all sizes? I could imagine 25 of my neighbors being willing to donate $100, but don’t know a soul who would pony up the whole bit.
The website accepts donations of any amount. For $2500 you can get a seat named.
For what is worth $100 x 25 = $2,500
All for it. But here comes the but …
That’s a lot of money to raise in a short amount of time. Is it possible?
And if it is, what is the vision for the Odeon? A theater? A concert hall? There’s not a lot of night traffic in the neighborhood, especially since Covid. I want it to succeed. Badly. I’m just not sure there’s a revenue stream to back up. $30 million investment.
This is a blight that has been detrimental to the neighborhood for too long It is time to demolish it regardless of it’s landmark status. Perhaps just keep the facade but the entire space needs to be repurposed with a new innovative idea. The theater/performance/movie ideas have not worked and will not. Perhaps something like a mini version of London’s Camden Market or a food hall. If a developer can’t be found and accomodations made then the city should take it by eminent domain and cram as much low cost housing as possible into the space.
“demolish it regardless of it[’]s landmark status”
There’s a sprawling old low-rise structure just north of E. 42nd St. & Park Ave. to which this concept could be applied very profitably.
Equating this to GCT is ridiculous.
Not sure why there is a time limit on this. Why do they only have until Dec 31 to raise 7 million? Can’t the family give them more time? Then another 25 million for renovations?! We are still a long way off.
That street is pretty far up on Broadway and is kind of grubby. It is also right between subway stops. The #1 train stops at 96th and 103rd Streets.
Althugh this stretch of Broadway is pretty sketchy mosty due to vacant properties like this, this is only three blocks away from the very busy 96th Street Corridor with all the new buildings and only ten blocks south of Columbia University campus with over 50 thousand studnets and staff.
Yes its grubby because of the theater
And by the way the real UWS is up here, not around Lic Center and the 70’s
LOLOLOLOL!
When I attended Columbia University and lived in the neighborhood, the theater (and and two others nearby) were packed. The population of both the neighborhood and the university are far greater now, and the interest in film as well. Perhaps this Board will do better than implanting yet one more overpriced supermarket where it isn’t needed and build programs to attract and retain an audience where their collective knowledge and experience will prevail.
99th isn’t that far uptown. It would likely help revitalize that stretch of Broadway which desperately needs it. Think about it-maybe a bite to eat or drink either before or after the movie, a bookstore nearby would sound very inviting as well for a 3 block walk to the subway. There is a shift in the neighborhood vibe in a positive way. It’s how the UWS can change for the better.
There is a Shakespeare x Co at 105 and Broadway now. Same side of Broadway.
I can’t tell if you think three blocks from a subway stop is too far to walk (which seems odd)…but I think the fact it’s so close to 96th (an express stop) is beneficial. The upper 90s and Broadway leave a little to be desired, but that’s why it would be great for this to actually happen. It would probably help the neighborhood.
I made an offer many years ago to the owner who was very arrogant in the manner he turned it down. He made several attempts to get my group to re-engage in negotiations. He sealed the fate of the property by selling the air-rights next door. They’ll never raise $7M because it’s not worth it, no bank will finance that much. My guess is half that figure. The neglect of the structure only leaves demolition and rebuild as the only option.
Perhaps you could donate to this incredible new mission to reopen as a film space! Large donations can get naming rights.
Film … but please don’t forget theatre, comedy, dance and other performance space, and at affordable rental prices.
Even demo and rebuild is tough because as you point out the air rights are gone, so the build potential is very limited.
They never should have built the high rises there and across the street. Those buildings effectively killed that stretch of Broadway.
Did you tell them not to, back then?
What in the world are you talking about…
Is this like that “We’re buying a church” nonsense announced by the local pols? Good luck with that financing!
While i would love to see anything come into the building, these number are fantasy land. Even if they can raise the 7M, which is highly unlikely, they will need much more that the 15/25M mentioned. The building is nothing but 3 brick and 1 plaster/ terracotta walls that are being held up by the neighboring buildings. The roof is compromised, and its wooden trusses have been damaged/sagging for over a year. Odds are they will have to demo it and rebuild it, which opens up a can of worms with landmarks even if they save the facade. ONLY the pink terracotta is landmarked, not the building
I agree. I don’t see this coming to anything. It will not really be a viable business.
Think positive, people! This could be the next Symphony Space, which has been a resounding success and revitalized the surrounding area. Let’s make this happen!
I would hate to see this demolished so another bland overpriced coop gets put in its place. I think there are some good suggestions here
If they can’t find $7M, how will they finance the $50M renovation (the real price)
Indeed- Symphony Space was a wreck with broken seats when I joined the neighborhood in the 80’s…and we have no movie theaters at all between 84th street and 125th street. That’s two screenless miles, just waiting to be filled with popcorn.
There are literally no movie theaters on the UWS north of Lincoln Center area with all the families, schools, Columbia.
Oh god not again. Please stop it.