The long-awaited sequel for a historic Upper West Side theater that’s sat vacant since the early aughts has yet to be scripted—once again.
Texas-based movie theater chain Alamo Drafthouse was in the final stages of hashing out the details of its plans to lease and redevelop the beloved Metro Theater at 2626 Broadway into a modern multiscreen playhouse, which was slated to open this year, but the deal has fallen through, according to Manhattan Borough President Mark Levine. He cited Alamo’s financial challenges and plans to sell the company as well as the former theater owner’s passing late last year as hurdles to getting the deal to its finale.
“It’s been a 20-year saga, with one failed deal after another,” said Levine.
Originally called the Midtown—despite its home between West 99th and West 100th streets—the Metro Theater operated from 1933 until 2005, once showcasing the works of directors such as Jean-Luc Goddard, Louis Buñuel and Roman Polanski. It’s been long owned by the late Albert Bialek, who bought the property in the 1980s (pre-city register) for an unknown amount, and notoriously drove a hard bargain when it came to leasing out the historic cinema site, according to Levine.
“He was known to be a very tough negotiator,” he said.
Bialek got close to the finish line a few times—almost letting a piece of New York City history, with its landmarked facade and marquee featuring a polychromed medallion depicting the figures of comedy and tragedy, be turned into a clothing store or a gym. In 2015 the Art Deco theater was slated to become a Planet Fitness, The New York Times reported at the time. The inside of the theater was gutted in 2006.
But as in several of those instances, Alamo’s recent deal with Bialek, which was first reported in 2022, stopped just short of a final contract. It is unclear how much the Austin-based movie chain planned to lease the more than 15,000-square-foot space for. The average asking rent for retail space on the Upper West Side was about $245 per square foot last year, according to a report from CBRE. But rents north of 96th Street have also historically been lower than below 96th Street.
“Anything would be better than vacancy,” said Levine. “It’s a dead zone on what should be a vibrant block.”
Bialik’s estate is now in the hands of his attorneys. Attempts by Crain’s to reach them were unsuccessful.
But Alamo Drafthouse, which operates several other venues across the five boroughs, including at City Point in Downtown Brooklyn, denied the allegations that the failed deal is a result of its financial hardship, pinning the blame solely on Bialik. Alamo, which is reportedly up for sale for an undisclosed amount, made $135 million last year, over 25% more than in 2022, according to Deadline.
A spokesperson for Alamo said the company’s 2021 bankruptcy filing, due to Covid, has nothing to do with the Metro, and the latest plans for the Broadway theater did not involve opening a new Alamo Drafthouse Cinema location but an independent theater project, spearheaded by a new entity, for which Alamo was merely a “minority investor.”
“The reason the Metro Theater project is no longer moving forward is due entirely to Albert Bialik’s estate,” said spokesperson Ryan Fons. “The [independent theater] group is actively ramping up to open a new location as a result of this disappointing news.”
Julianne Cuba , 2024-04-08 20:34:35
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