Property will remain a movie theater
Ashkenazy Acquisition Corporation has acquired a movie theater at 2318 Broadway from American Multi-Cinema for $53 million, according to TRD. AMC will remain open at this Upper West Side location as the parties agreed to a leaseback.
Lease info: AMC is paying $3 million for the first year of a 15-year lease, with two percent annual increases. The lease comes with an option to extend for two to 10 years.
Contours of retail continue to evolve: AMC just announced that they started a subscription service to challenge MoviePass. Subscribers will be able to see three movies a week for a monthly fee of $19.95. MoviePass, which offers customers one free movie a day for $9.95 a month, will exceed 5 million subscribers by the end of the year.
Why this matters: Successful retail in the 21st century must cater to a technology driven society. Those predicting a retail apocalypse should direct their sense of gloom to traditional retailers who fail to adapt to the unique needs of our generation.