Bronxville resident Michael DiCosimo, a longtime professional focusing on sound in film and theaters, was interested in purchasing the iconic theater -- for about 1.3 million according to lohud.com -- but backed out of the deal due to numerous complications that arose recently.
The property is now officially back on the market with a $1.5 million asking price, according to the lohud story.
Ellen Zuckert, who along with Elizabeth Bradley formed a nonprofit to help the theater reopen, said they remain committed and are scrambling to find a solution. She said the fall-out was due to a complicated deal with a lot of moving parts.
The theater had, at one point, been owned by United Artists Cinemas which was eventually absorbed by Regal Entertainment. In 2015, Regal Entertainment sold the property to Texas-based United Development Company.
This deal included an anticompetitive provision which allows Regal, in addition to prohibiting first-run movies, to also prevent any new owner of the playhouse from changing the worn, outdated seats, from serving wine at a new café and could even forbid moviegoers from bringing pillows and blankets into the theater (among many other overreaching restrictions). See previous Daily Voice story HERE.
There remains a petition on change.org to lift the restriction on first-run movies at the Playhouse. The two women are committed to doing what they can to ensure the theater's success.
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