A New Deal for Loew’s Kings Theater
Tuesday, February 2nd, 2010
The Times reports tonight:
“A developer has signed an agreement, made a down payment on a $70 million renovation of the Kings and plans to turn it back into a functioning entertainment venue, this time presenting live performances, city officials said Tuesday.
“We’re on our way to making that dream come to true,” said Marty Markowitz, the Brooklyn Borough President.
After a four year process -– and many false starts — the city has selected a company based in Houston, ACE Theatrical Group, to renovate and operate the theater. It would be, once again, the biggest indoor theater in Brooklyn and would host 250 concerts, theatrical performances and community events annually, officials said.”
9 Responses to “A New Deal for Loew’s Kings Theater”
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William says:
Wooooooooow!!!! That is the most exciting news for the neighborhood I have heard in a loooong time! Now it just needs to actually happen!
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bkforman says:
This is great!!!
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"Peregrine" says:
This has been on Marty’s list for a long time.
It will be featured in his “State of the Borough” tonight.
Good for him, I hope it works. -
Melissa says:
YAAAAAAAY!!!!!!
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Sasha says:
February 3rd, 2010 at 10:29 am
Oh, SNAP! That’s awesome
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prairie rose says:
February 3rd, 2010 at 11:46 am
this is SO incredibly exciting.
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no_slappz says:
The article states:
“Preliminary plans call for the space to open as soon as 2014, Mr. Pinsky said. The city has committed $50 million to the project, with an additional $15 million coming in the form of tax credits and $5 million from the developer, which would also be responsible for any extra spending, Mr. Pinsky said.”
The financing of this project depends on government generosity. New York City taxpayers are getting whacked for $50 million. Then somehow the developer will have his tax bill cut by another $15 million through the application of tax credits.
As proof of his good intentions, the developer is tossing in $5 million.
However, what we are really seeing is a developer who is buying a $15 million reduction in his tax bill for $5 million. He puts in $5 million and gets back a government guaranteed $15 million.
That, my friends, is one heck of a good deal. Even if the theater never re-opens. Do you wonder why developers like these set-ups?
Perhaps this deal was negotiated for the developer by Sander Hicks, fresh from his successful bamboozlement of Vox Pop shareholders.
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DitmasDyke says:
Is it true that the Pavillion is infested with bedbugs? I was about to see a film last week when a neighbor informed me of this and wound up going to Court St. Where is the King’s Theatre located on Flatbush? I bet they could redo the Kent for only 1 mill…
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Jessica says:
This marks the first time I’ve ever agreed with no_slappz.
