Bronx Theater Trades For Cool $30M
The Lightstone Group, a privately held real estate owner and manager, bought the property from an entity called Kbt Theatres, LLC, which in turned leased back the theater, according to a memorandum of lease filed with the city at the same time. The terms of the lease were not given.
The site houses a 14-screen movie theater, the Whitesone Multiplex Cinemas, which Kbt appears to have owned for decades.
The sale is the largest so far this year in Bronx, excluding the $59 million purchase of 1880 Bartow Avenue, a self-storage facility, according to data from Real Capital Analytics. The Bartow sale closed for $59.27 million in March. The multiplex is also the fifth-largest sale in the borough since 2008.
David Lichtenstein’s Lightstone Group owns multi-family, retail, office, industrial and hospitality properties in 27 states. The New York-based company bought a residential development site at 50-01 2nd Street in Long Island City for $19.3 million last August.