City Launches Renovation Fit for A Kings

NEW YORK CITY-Closed for business since August 1977 and a deteriorating relic since then, the historic Loew’s Kings Theatre in Brooklyn’s Flatbush section is about to get a new lease on life. The Bloomberg administration on Wednesday announced a 55-year lease with the Kings Theatre Redevelopment Corp.—a consortium of ACE Theatrical Group, Goldman Sachs and the National Development Council—and the launch of rehabilitation and redevelopment for the 84-year-old movie palace, now owned by the New York City Economic Development Corp.

Financing on the $93.9-million restoration of the Kings, Brooklyn’s largest indoor theatre at 3,200 seats, is coming from the city, Brooklyn Borough President Marty Markowitz, the Goldman Sachs Urban Investment Group and United Fund Advisors. Markowitz and Mayor Michael Bloomberg broke ground on the project Wednesday.