Wednesday, March 18, 2009

Forest City selling three NYC movie theaters, Queens Place mall

Yesterday, I speculated on which four New York City retail properties would be sold, among a total of some 15 properties nationally, by developer Forest City Enterprises to raise cash.

It turns out that yes, the outer-borough movie theaters are on the block.

A reader put me out of my misery by forwarding the actual coverage in the newsletter Real Estate Alert:
Eastdil is also marketing the retail properties, which are in three outer boroughs of New York. The largest is Queens Place, in the Elmhurst section of Queens. The 222,000-sf vertical power center, built in 2001, is filled by big-box stores, including Target, Best Buy and shoe retailer DSW.

Also being offered is The Heights on Court Street in Brooklyn (102,000 sf). The property is occupied by a United Artists movie theater and a Barnes & Noble book store. United Artists also leases the other two retail properties up for grabs: the 84,000-sf Steinway Street Theaters in the Astoria section of Queens and the 70,000-sf Forest Avenue Cinemas on Staten Island.

1 comment:

  1. "Vertical power center?" What the hell is that supposed to mean? Is it some sort of electricity-generating facility? I was under the impression that it was a mall.

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