Eastern Consolidated has the nod to sell the land on behalf of the fee owner, a private family. David Schechtman, director, and Eric M. Anton and Ronald A. Solarz, both executive directors, have the assignment.
The sale will be conducted through a sealed-bid auction, Schechtman tells GlobeSt.com. Bids are due July 18. Schechtman expects the bidding to go past the $20 million mark.
"The winning bidder will inherit a stable cash flow and an excellent future development site," Schechtman says. "Comparable corner development sites just do not exist any more in prime neighborhoods."
The Loews Village VII was built in 1991 on the site of a parking garage. The property has 77.5 ft of frontage on Third Ave. and 100 ft on East 110th St. The theater is one of the busiest in the country.
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