JACKSON HEIGHTS — Developers will build a 160,000-square-foot building on the site of the Jackson Heights Cinema, a shuttered movie house that was built in 1924, according to a Sun Equity Partners representative.
New York City-based real estate firms Sun Equity Partners and the Heskel Group closed the $27 million deal on Tuesday and plan to build a multi-purpose building at 40-31 82nd Street, said Sun Equity Partners director of operations Abe Tress. The deal was first reported in The Real Deal.
Jackson Heights Cinema closed in 2014 because the landlord could not afford to pay increased rent or upgrade the 90-year-old theater.
The new building will include 100,000 feet of community space, which will house either a school or medical center, and 45,000 feet of retail space on the lower levels which will be open to both local and national retailers, said Tress.
Inline Realty represented Sun Equity Partners and the Heskel Group and will manage leasing the space, Tress said.
Tress said that Sun Equity Partners hopes expand upon the strip of businesses on 82nd Street between 37th and Baxter aves to meet rising need in the neighborhood.
“We think it’s a great retail corridor,” said Tress. “The area is highly compact and we think there is a great demand.”
Representatives from the Heskel Group and Inline Realty did not immediately respond to requests for comment.