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New York City Group Buys Bedford Playhouse Site

New York City-based Alchemy Properties Inc. announced they have purchased the Bedford Playhouse site in the Town of Bedford.
New York City-based Alchemy Properties Inc. announced they have purchased the Bedford Playhouse site in the Town of Bedford. Photo Credit: File

BEDFORD, N.Y. – The Bedford Playhouse building is once again changing hands.

New York City-based Alchemy Properties Inc. recently announced that it has made a deal to purchase the playhouse. Phoenix Capital Partners LLC sold the building and the 3-acre site surrounding it, to Alchemy Properties for an undisclosed sum on June 7. Alchemy owner Kenneth Horn said Friday that a broker approached the firm in May and the company was instantly interested.

“The combination of the beautiful theater and the retail and the residential on top made for a really interesting property,” Horn said, adding that the group initially signed a contract in May before finalizing the deal in early-June. “It was a very fast transaction with quick negotiations and we’re now getting our proverbial feet on the ground and introducing ourselves to the tenants.”

Horn noted that the group does not have any “preconceived notions” for the site and that the next step is to speak to the community as a whole about ideas in the coming months.

“We know the previous owner did a previous presentation to the town but we have no intention of moving ahead with that and we’d like to do something where we’re working cooperatively with the town. I’m sure in the coming months we’ll have discussions but at this particular point, we really have nothing formal right now.”

Bow Tie Cinemas bought more than 15 Clearview Cinema theaters, including the Bedford Playhouse and Mount Kisco Cinema, earlier this year and Horn said Friday there are no plans to remove or change any of the tenants.

“They will be a tenant when they close that deal and after that we’ll see,” Horn said. “We’re introducing ourselves to the business tenants because this has been a whirlwind transaction. We want to meet the key people in the community and come up with ideas that will not only work for us but the town as a whole.”

Alchemy Properties is in the process of developing the upper 30 floors of the Woolworth Building in New York City, Horn said, and the company is likely to focus on that project in the near future.

“Our reputation is that we will work with the community to figure out what to do,” he said. “The building itself is in very good shape and we’re very happy about that. From our point of view, we were really intrigued by the property itself and the investment made sense for us.”

Obtaining a property in the Town of Bedford was one the company couldn’t pass up, Horn said.

“We like to do things that are unique and we like to do things that have a lot of architectural significance and the Town of Bedford fits all of those areas,” Horn said.

Phoenix Capital Partners LLC purchased the site in September 2011 and earlier this year made a presentation for proposed changes to the building. Representatives with Phoenix were not immediately available for comment Friday.

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