By Linda O’Flanagan
Eric Roth and Brian Ezratty took front row in an investment syndicate that just purchased the Midway Theater building in Queens for $20.5 million.
Roth, principal of Brick Capital, and Eastern Consolidated vice chairman and principal Brian Ezratty, along with investor Lloyd Goldman, formed a venture to acquire the historic property at 108-22 Queens Boulevard in Forest Hills.
“We were quite fortunate to have been presented with an off-market opportunity to acquire a trophy asset of this kind,” said Roth, the managing partner of the Investment group. “A property like Midway rarely hits the open market for sale and trades hands.ˮ
The 48,400 s/f property comprises two stories that are 100% occupied and anchored by a United Artists Regal Cinema multi-screen movie theater.
“There is a solid tenant roster, some of whom have prospered within the property for the past 70 years,ˮ said Roth. “While the retail
generates ample cash flow, there is a tremendous opportunity for future growth as the longer term leases expire and there is 65,000 s/f of available development rights.”
Built in 1940, the theater opened to the public in 1942 and housed a single screen theatre with 1933 seats. In 1998, the theater was altered to create today’s nine screen set-up, although much of the original details remain intact.
David S. Robinov, director of Ackman-Ziff’s Investment Sales Group, facilitated the sale of the property on behalf of the seller, Federal Realty Investment Trust. Alan Perlmutter, of GCP Capital Group LLC, arranged the acquisition financing on behalf of the investment group.