A group of city real estate investors have purchased Forest Hills’ Midway Theater building for $20.5 million, the Real Deal reported.
Brick Capital’s Eric Roth, BLDG Management’s Lloyd Goldman and Eastern Consolidated’s Brian Ezratty purchased the 73-year-old building, located at 108-22 Queens Blvd., which is home to United Artists Regal Cinema.
The sale is listed among recent transactions on Brick Capital’s website.
But Roth, Goldman, Ezratty and the Midway Theater could not be reached for comment.
The investors intend for the theater to remain intact since Regal Cinema has a long-term lease, but it could eventually be viewed as a development opportunity.
“A property like Midway rarely hits the open market for sale and trades hands,” Roth told the Real Deal. “While [the theater] generates ample cash flow, there is a tremendous opportunity for future growth as the longer term leases expire and there is 65,000 square feet of available development rights.”
The building was originally constructed in 1940 as a 1,933-seat single screen theater.