Rumor: Sunshine Cinema Sale a Done Deal

Posted on: May 18th, 2017 at 10:17 am by

We reported back in March that a buyer had a purported $31.5 million contract out on the 1898-era Sunshine Cinema. Now two months later, the rumor mill is again in overdrive mode. Word on the street is that the transaction reportedly closed yesterday.

The Lower East Side blog further notes that the property may have been flipped a couple times before the ink even dried on the alleged deal.

We couldn’t confirm these allegations, though. And as of this morning, there is no public record of sale.

No one we spoke to at the Sunshine Cinema had any idea what’s going on. “It’s just a rumor, but they don’t tell us anything,” one employee quipped. There is uncertainty over whether they’ll have a job come January, around the time the current lease ends.

Tzipporah Wexler, Founder and Managing Principal of Grand Success Realty, is the exclusive broker behind the Sunshine Cinema.

Landmark Theaters, operator of the Sunshine, was previously struggling to keep up with maintaining this location. Mainly due to the rising rents. That was the impetus behind an ill-fated liquor license application four years ago to convert the movie house into a dining destination much like Nitehawk Cinema in Williamsburg.

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