NEW YORK POST: LOWER EAST SIDE'S LANDMARK SUNSHINE CINEMA TO CLOSE
The Lower East Side’s hip movie house, the Landmark Sunshine Cinema, will close when its lease expires in January 2018, The Post has learned.
The 30,000-square-foot building at 139 E. Houston St. has been sold for $31.5 million to developers East End Capital and K Property Group, which will convert it to a mixed-use development with retail and upstairs office space. The site includes 20,000 square feet of air rights.
Landmark had a right of first refusal to buy the building and wanted to serve dinner with its flicks, but that idea was flushed after a full liquor license was rejected in 2012 by the community board. The property has been marketed since 2015.
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K Property Group is in acquisition mode, seeking to expand its portfolio of properties in Manhattan and other New York City boroughs. The investment company is taking a micro-level approach to identifying deals with the aim of acquiring office properties between $50 million and $250 million. “We’re very focused on locating value-add and core-plus deals and we see a particular opportunity in buying underperforming assets,” said Rod Kritsberg, founder.
NEW YORK POST: AVISON YOUNG’S GREG KRAUT TAKES ON DEVELOPER GIG
Real estate broker Greg Kraut, who helped found the local Avison Young office, is becoming a developer as he joins Rod Kritsberg’s K Property Group.
The duo will focus on value-added real estate investment and development projects in the city and focus on identifying off-market, value-added and select core-plus office and retail properties of $50 million and up.
“I want to infuse hospitality into the office and retail sectors and through strategic capital improvements, create a modern, full-service experience for tenants,” said Kraut.