A seemingly final plan to rebuild a long-closed Upper West Side theater has fallen through again.
Vacant since 2005, it seemed like fate had finally turned for Manhattan’s abandoned Metro Theater when Alamo Drafthouse Cinema signed a lease for the historic movie theater in 2022.
Manhattan Borough President Mark Levin announced this month that it officially joins a string of failed efforts to breathe new life into the 84-year-old Art Deco building.
“Unfortunate update: The plan fell through due to the bankruptcy of the Alamo Drafthouse cinema chain. The recent death of Subway’s longtime owner further complicated the situation.” Levin wrote about X Last Friday. “I’m back to square one again. I will continue to fight to get this jewel back.”
Eat-in movie chain applies Chapter 11 Bankruptcy It’s only been a few months since we signed a deal to turn the Metro into a high-end movie theater. Albert Bialek, who purchased Broadway’s landmark 2626 Theater in the 1980s, passed away late last year.
“He was known as a very tough negotiator.” Mr. Levine told Mr. Crains..
According to Crain’s, Alamo Drafthouse spokesperson Ryan Fons denied any negligence in Metro’s recent turnaround, placing the blame entirely on Bialik, and not on Alamo himself, but on Indies, where Alamo was a “minority investor.” It was claimed that a theater project was being planned. open to space.
“The reason the Metro Theater project hasn’t moved forward is entirely because of Albert Bialik’s estate,” Fons said. ” [independent theater] Following this disappointing news, the group is actively working to open a new location. ”
Although the deal is reportedly complete and secure, Alamo, like Planet Fitness and Urban Outfitters before it, appears to have never fully completed its acquisition of Metro.
