Madison Movie Theater Sold To Investor But Movies Remain
After a year on the market, the historic building that houses Madison Cinema 4 has been sold, but the movies will still go on. Ed Flanagan, a partner in the Chatham-based Garibaldi Group, confirmed that he sold the building at 14 Lincoln Place to Saxum Real Estate. The price listing wasn’t immediately available.
The building’s new owner is a real estate investment and development company based in Parsippany, according to its website.
“They’re very excited to be in Madison,” Flanagan remarked.
Bow Tie Cinemas is still leasing the first floor of the building for movies, Flanagan added. The building dates back to 1925.
“The lease isn’t being affected,” Flanagan observed.
The theater was first listed for sale on Sept. 16, 2015, according to Flanagan. At the time, he said the whole 11,000-sq-ft building was for sale, but Bow Tie Cinemas, which leases the first floor of the building, was staying. The theater is continuing to screen new-release films.
The Connecticut-based theater chain’s license was renewed by the Borough Council unanimously for 2016 last Dec. 14. The chain has leased the space since 2013, when Bow Tie acquired most of Clearview Cinemas’ theaters from Cablevision, including the Madison theater. The company operates theaters in New Jersey, New York, Maryland, Connecticut, Colorado, and Virginia.
Mayor Robert Conley said the theater chain leases the building on a month-by-month basis, adding that he hasn’t heard of any “immediate plans” from the buyers on the building’s future.
“They haven’t made any long-term commitments to each other,” the mayor noted.
Conley observed that for many, the historic movie theater is a big part of Madison, and draws people to downtown Madison.
“It holds memories for many people,” the mayor said. “The theater is a gateway to Madison from the train station for those coming off the train from the Lincoln Place side.”
Conley added that he hopes the new owners will invest in the site to make sure it’s a welcoming one.
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