Friday, February 15, 2013
Sunnyside Theater likely to be redeveloped
From Sunnyside Post:
The commercial building that is presently occupied by Center Cinemas, PJ Horgan’s and Dime Savings Bank is likely to face the wrecking ball, following a recent sale of the property.
The property, located on the corner of Queens Blvd and 43rd street was sold by Dime Savings Bank for $6.675 million on Dec. 20 to “42-25 Queens Blvd. Corporation,” a newly established firm run out of Astoria.
Michael Christopher, a representative of 42-25 Queens Blvd Corp., said “We have no plans at this point for the property” and have “not decided what to do with it.”
However, local real estate agents expect the new owner to develop the site and build residential units. The annual operating income from the property is $326,000, barely enough to cover the debt servicing on the property.
Furthermore, given the size of the lot (16,300sqf) and the recent up-zoning, a developer can build a structure with a maximum floor area of 68,424sqf. The current building only has a floor area of 16,080 sqf.
The owner of Center Cinemas, Rudy Prashad, said he put a $5.2 million bid on the property. His goal was to keep the existing building so the future of the cinema would not be in jeopardy.
Prashad said he had recently spent $600,000 putting in new screens, a sound system and digital equipment.