Pavilion Movie Theater to be converted into Condos?? — Brooklynian

Pavilion Movie Theater to be converted into Condos??

Has anyone heard this rumor? I know Pavilion is not the greatest theater but I like having a movie theater in the neighborhood. Do we need MORE luxury condos?
See below---

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For those of you who haven't heard, the Pavillion Movie Theater, as of June 12, is under contract to be sold to a developer, One Liberty Properties, Inc, to be turned into a condo building.

It's not clear what can be done to prevent it at this point.

A few ideas:

Call the theater owner and ask that he not sell to someone who will not operate a theater there.

Call the developer and ask that his plan include a movie theater.

Ask the Park Slope Civic Council to take it up as a community issue. I would think local restaurants would want the business to stay in the neighborhood.

Help find someone who wants to run a movie theater, and/or open a restaurant in the former Living Room space, and have them make a counter offer. Certainly someone could run the theater more efficiently and with better movies than they do now.

Get the word out -- let other people know.


I called my block association but they are divided because they think the theater makes it harder to park on our block and many would rather have a residential building there. I also called Brooklyn Papers, Park Slope Neighbors, onlytheblogknowsbrooklyn, and Community Board 6.

Thanks for letting people know,

Comments

  • That would totally suck! It would leave BAM as the only remotely walkable theater in the nabe.
  • That's really too bad. I know it's not the greatest movie theater, but it will be a shame to have no movie theater in the neighborhood. I'm surprised they're going out of business -- they always seem to have crowds there, at least on the weekends. But I guess the real money is in luxury condos.

    I can't believe anyone thinks this will improve the parking situation on 15th Street -- between the Pavilion turning into condos and the HUGE building that's going up between 7th & 8th (because the developer, unbelievably, got a "hardship exemption" to the zoning law), it's only going to get harder to find parking around there.
  • i had found memories of the place.
  • this will only make the parking on 15th worse, because you're nearly always guaranteed a spot after midnight on the weekends because people leave after seeing the last show.

    however, there is a teenage element in the crowd (as in, far too many loud and mischevious teenagers) and i wouldn't mind seeing them go. but, again, having so many people in the neighborhood when i come home late at night makes me feel a bit safer.

    but this rumor has been going around for a bit... and the pavillion has been a theater, of one sort or another, since the 40s, at least. i have a pic of it from when the buses going by were electrified.

    my accountant's secretary grew up here and she performed in talent shows there. and i hear from another friend who grew up here that the guy who used to own it brought all the day old candy over to the 14th street jewish center on sundays.
  • That would be a horrible thing. I was just talking to the guy who cuts my hair (one of the guys on 7th between 3rd and 4th) about how there used to be tons of theaters in the neighborhood...
  • Subject: Re: Pavilion Movie Theater to be converted into Condos??

    kensingtonmom wrote:
    For those of you who haven't heard, the Pavillion Movie Theater, as of June 12, is under contract to be sold to a developer, One Liberty Properties, Inc, to be turned into a condo building.
    Are you sure about the converting to condos part? This property has been for sale but with a lease to the theater that runs until 2022 and has 2 10 year extension options.

    http://www.masseyknakal.com/buildingphotos/187-191prospectpkw.pdf

    It's my understanding that a company that makes digital movie projectors bought the theater to act as a showcase of sorts for their equipment. I believe that now that they are in and set up, they gave themselves a good lease and are looking to unload the ownership of the property since that is not their business. What this offers is a good long term investment with steady income to a buy and hold investor.

    Now maybe the developer made them an offer they couldn't refuse but I think they would have to offer substantially more than what is being asked with the lease in place. Since the asking price with the lease in place is over $500 a foot I don't think it would be economically feasible to turn a profit on a condo conversion at a higher price. It may be difficult at the current asking price due to the extensive renovation that would be required.

    I could be wrong about all this but my guess is that it will stay a theater.
  • Subject: Re: Pavilion Movie Theater to be converted into Condos??

    Ben wrote: Are you sure about the converting to condos part? This property has been for sale but with a lease to the theater that runs until 2022 and has 2 10 year extension options.

    http://www.masseyknakal.com/buildingphotos/187-191prospectpkw.pdf
    .
    No I am not sure actually. It is an email making the rounds and I was wondering what the truth is in it.
  • I love the idea of a movie theater in the neighborhood.

    I hate the reality that it's that theater.

    I go to Battery Park even though The Pavilion is only 5 minutes walk away.
  • Subject: Pavillion

    I love the that movie theatre. Well whether you love it or hate it. something is better than NOTHING. I would rather walk and catch a movie with my kids than lug on the subway and back. This sucks, most people identify windsor terrance with the pavillion though it is on the PS side. Terrible lost.
  • Subject: Pavilion to Remain Movie Theater

    I heard from a reliable source that the Pavilion Movie Theater is going to remain a movie theater and WON'T be converted to luxury condos. My sources tell me that there is a long term lease with the theater and that it will continue as a theater for the next 20 years.
  • Subject: Pavillion

    I reserched city records and One Liberty Properties are the current owners of the property and are looking to sell. Wouldnt be the worst thing in the world if we had new luxury condos there, it would increase the value of current owners properties. They would attract a wealthy and young crowd of which will help grow our community. I also reserched and noticed the movie theatre does have a long term lease so it relly shouldnt be an issue for quite some time.



  • i hope not, because the LAST thing we need are more million dollar condos that are ugly and modern (and likely shabbily built). The ones being built on 15th street and 16th street are butt-ugly and ridiculously priced. They've changed the whole character of our neighborhood.

    Frankly, if people want to buy modern fancy-schmancy apartments, why are they wanting to live in WT/South slope?
  • Subject: Re: Pavillion

    luvbklyn wrote: I reserched city records and One Liberty Properties are the current owners of the property and are looking to sell. Wouldnt be the worst thing in the world if we had new luxury condos there, it would increase the value of current owners properties. They would attract a wealthy and young crowd of which will help grow our community. I also reserched and noticed the movie theatre does have a long term lease so it relly shouldnt be an issue for quite some time.
    It doesn't seem like property values around here need any more of a boost. Also, there are luxury condos sprouting up all over up and down 15th and 16th Streets. As for attracting young, wealthy people -- who can afford to move to Park Slope anymore except relatively wealthy people?
  • Subject: Heck of a deal

    So AccessIT purchased the Pavillion for $5m on 2/15/2005, threw a minor amount of cash into the property, leased the property to itself, and then sold the property for $17m. That's a heck of an ROI...
  • How do you research companies, corporations? I want to find out who owns a company.
  • You can look that up at the Business Library... I'm sure that you can do it online, too, but I don't where you would look...
  • Thanks for the information.
  • WhyFi wrote: You can look that up at the Business Library... I'm sure that you can do it online, too, but I don't where you would look...
    Try the Kings County Clerk's website at http://portal.courts.state.ny.us/pls/portal30/KCCO_NEW_DEV.MENU_MAIN_KCCO_NEW.show (sorry about the ugly Reverse Turing Test that I was partly responsible for - we'll have a nicer version one of these days). Not sure how much you'll find but if you doin' bidness in Bklyn you better be registered with the KCC. Woohoo... down wit' KCC...
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