Monday, May 09, 2016

Billboard: lease signed for Barclays Center team to operate LIU's Paramount; no terms announced; 2019 opening

In Barclays Center Group Forges Long-Term Deal to Renovate LIU Brooklyn Paramount Theatre, Billboard (um, alignment partner with Barclays) reported 5/9/16:
The team behind Barclays Center in Brooklyn and the renovation of the Nassau Veterans Coliseum on Long Island has signed a long-term lease with LIU Brooklyn to renovate and operate the 2,800 capacity Long Island University Brooklyn Paramount Theatre. The 49-year deal expands on an alliance first announced in January of last year, and will jumpstart a renovation project for the venue under the auspices of Paramount Events Center (PEC).
PEC includes Onexim Sports and Entertainment, Bruce Ratner, and Brooklyn Sports & Entertainment CEO Brett Yormark. The project will resurrect the venue as an active entertainment space for the first time in more than half a century. The renovation will begin in 2017, with an opening slated for 2019.
Note that, as of April 2015, the opening was supposed to be 2018, not 2019. Now the capacity would be 2,800. As I wrote last year, that means the Paramount will definitely compete with the Loew's Kings:
The capacity announced--3,500 instead of the 1,500 earlier described in Billboard--suggests a closer rivalry with the recently reopened Loew's Kings Theatre. The latter has 3,200 seats, and is located in Flatbush, deeper into Brooklyn and, unlike the Paramount (near the DeKalb Avenue stop on the Q/B/R), a good walk from the subway. (That earlier figure was either an error or a feint; the Paramount's original capacity was 4,124 seats.)
While Billboard reported that those associated with LIU would have employment opportunities and internships, and students could get "free or discounted tickets... for select events," no lease payment terms were announced.

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