From Jeremiah's Vanishing New York:
The Whitestone multiplex cinema has shuttered after 30 years in business. It was purchased for $30 million last year by real estate development company the Lightstone Group, who will be turning the site into New York City's first outlet mall.
The Lightstone Group is best known these days for its massive luxury development of Gowanus, but they have developed a number of outlet malls--full of typical mall chain stores. The one at Whitestone will be a chain itself--in the Paragon Outlets chain of outlets--and will "feature an open-air racetrack design and showcase over 100 global brands."
Whitestone Cinemas opened in 1983, when its owner, media magnate Sumner Redstone, decided that an indoor cinema, with lots of screens, would be more lucrative than his father's old drive-in. Mr. Redstone credits himself with inventing the word "multiplex," which he trademarked it in 1973.
6 comments:
with the price of movie tickets these days i go for theaters with IMAX and stadium seating along with the newest sound system
not surprised this one closed down. AMC theaters aren't that far of a ride into manhattan
So why in the world would we need another mall one mile down the road at Citi Field?????
Malls, malls, malls....
How about Parks, parks, parks!
Whitestone Cinemas is in the Bronx.
Malls, malls, malls: meanwhile, consumer spending has taken a serious hit - but hey, malls create jobs, right? Wonderful, big-paying jobs with fabulous benefits - not. This is just another case of profits for developers - the only thing that matters is that THEY pocket their cash, after all.
consumer spending has taken a serious hit?
Where did you get that from? Oh maybe from general USA.. but not in Queens... at least doesn't seem like it in Bayside, Bay Terrace, Flushing, Whitestone, Fresh Meadows or NE queens.
Consumers: unemployment. Crazy income to housing ratios. Student (and other) debt... if you follow the retail development market, most studies START with a review of incentives - NOT potential sales.
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