Sunshine Cinema Developers Secure $67M Loan, Demolition Imminent
The Landmark Sunshine Cinema closed forever just over a year ago. Since then, the historic building has pretty much been left for dead. A popular choice as public toilet and graffiti target alike.
Plans for its redevelopment into a 65,000 square-foot boutique office building seemed to stall almost immediately. Demolition had been pegged for spring 2018. Now, there is progress to report…
Developers East End Capital and K Property Group – who together purchased the Lower East Side theater two years for $31.5 million – just secured a $67 million construction loan from CapitalSource. That means that the wrecking ball might arrive on the earlier side of soon.
As previously reported, the nine-story, $90 million building will boast eight full-floor commercial units ranging in size from 5,000 to 6,800 square-feet. Each column-free office will have 12-foot ceilings, floor-to-ceiling windows, concierge services, and private terraces. Other shared amenities include an executive conference room and roof deck. There is also one multi-level retail space with 60 feet of frontage.
The elegant theater building at 139-143 East Houston was built in 1898. It was restored to a movie theater in 2001. The final movie to play at the Sunshine was Hostiles.