NEW YORK CITY-The storied Midway Theater building in Forest Hills has been acquired by a partnership of local real estate investors for $20.5 million.
The buyer of the two-story, 48,000-square-foot property at 108-22 Queens Blvd. includes BLDG Management's Lloyd Goldman, Eric Roth of Brick Capital, and Brian Ezratty of Eastern Consolidated, according to the Real Deal. Federal Realty Investment Trust was the seller and was represented by David Robinov, director of Ackman-Ziff's investment sales group.
“We were quite fortunate to have been presented with an off-market opportunity to acquire a trophy asset of this kind,” Roth says. “A property like Midway rarely hits the open market for sale and trades hands. While the (theater) generates ample cash flow, there is a tremendous opportunity for future growth as the longer term leases expire and there is 65,000 square feet of available development rights.”
A United Artists' Regal Cinema currently operates at the building under a long-term lease. The building was originally constructed in 1940 as a single-screen theater. See story in The Real Deal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
