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Beginning of the REAL end! 14 Jun 2012 20:33 #38624

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Bronx theater trades for $30M in fifth largest sale in the borough since Lehman

May 25, 2012 11:00AM
By Guelda Voien

Whitestone Multiplex Cinemas, at 2505 Bruckner Boulevard

In the fifth largest property sale in the Bronx since the collapse of Lehman Brothers and the Wall Street meltdown, a multiplex at 2505 Bruckner Boulevard has sold for $30 million, according to records filed with the city.

The Lightstone Group, a privately held real estate owner and manager, bought the property from an entity called Kbt Theatres LLC, which in turned leased back the theater, according to a memorandum of lease filed with the city at the same time. The terms of the lease were not given.

The site houses a 14-screen movie theater, the Whitesone Multiplex Cinemas, which Kbt appears to have owned for decades.

The sale is the largest so far this year in the Bronx, excluding the $59 million purchase of 1880 Bartow Avenue, a self-storage facility, according to data from Real Capital Analytics. The Bartow sale closed for $59.27 million in March. The multiplex is also the fifth-largest sale in the borough since 2008.

David Lichtenstein’s Lightstone Group owns multi-family, retail, office, industrial and hospitality properties in 27 states. The New York-based company bought a residential development site at 50-01 2nd Street in Long Island City for $19.3 million last August.

Calls to Lightstone and Kbt’s attorney were not immediately returned.
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