BY LUIS GRONDA
A historic Forest Hills property has been sold to a trio of investors.
The Midway Theater, which sits on Queens Boulevard right off of Continental Avenue, has been sold for $20.5 million.
The theater was bought by a group of New York City-based real estate companies, which include Brick Capital, BLDG Management and Eastern Consolidated. The company that sold the theater is another real estate company, Federal Realty Investment Trust.
A spokeswoman for Federal Realty, Lisa Geiger, said the limited potential for income is the main reason the company sold the theater.
“We are continuously reviewing our portfolio and concluded that the Midway Theater building was a good candidate for disposition because of its limited opportunity for near to medium-term income growth,” she said in an email.
Geiger added the process for selling the theater has been ongoing since June and they will continue to invest at their other property in Queens, which is at 188th Street in Jamaica Estates.
It is unclear what will become of the Midway Theater, if it will remain a theater or be converted into another business.
A spokesperson for Eastern Consolidated declined to comment on the sale, while calls placed to Brick Capital and BLDG were not returned as of press time.
Community Board 6 District Manager Frank Gulluscio said the board has not heard from any of the companies that purchased the property, adding they are not required to reach out to the board unless they are requesting a change to the zoning laws of the building. Gulluscio said he looks forward to meeting with the investors to discuss any plans they might have for the theater.
Reach Luis Gronda at (718) 357-7400, Ext. 127, email@example.com, or @luisgronda.