A nonprofit group says it has reached an agreement to buy the shuttered Metro Theater from its owners, but the deal is contingent on raising the money by the end of the year.
A group trying to restore a landmark Upper West Side movie theater says it has signed an agreement to buy the building for $7 million if it can raise the money by the end of the year.
The nonprofit corporation Upper West Side Cinema Center said on Friday it had reached the agreement with the current owners of the Metro Theater, which is on Broadway near 99th Street and closed in 2005. The building, known for its pink terra-cotta Art Deco facade, is owned by the estate of its former owner, Albert Bialek, who died last year. The owners could not immediately be reached for comment.
Attempts in recent years to reimagine the space as a Planet Fitness gym or Alamo Drafthouse cinema were unsuccessful, and development options are limited because of the theater’s landmark status and because Bialek sold the air rights above the building.
The nonprofit is spearheaded by Ira Deutchman, an independent film producer, and Adeline Monzier, the U.S. representative of the French film promoter Unifrance and a guest programmer at the Metrograph, a Lower East Side theater.
Deutchman said that there was already funding pledged to cover about one-third of the sale price. The nonprofit is hoping to raise the rest with a mix of philanthropic support from major donors, government financing and individual contributions from current and former Upper West Side residents who may be nostalgic about the theater’s golden days, he said.
If the nonprofit is successful in securing the money to cover the sale price, the next step would be to raise an additional, estimated $15 million to $25 million for its restoration.
“I’d never worked on a project before where every single person I tell about it, their response is, ‘Oh, that is so needed,’” Deutchman said. “My joke is that they’ve never said that about a movie I’ve made.”
Source: Movies - nytimes.com
