Leases  ·  Retail

Alamo Drafthouse Heads to the Financial District


After announcing an outpost at The Boulevard on Staten Island earlier this month, Alamo Drafthouse is prepped to sign a deal for its third New York City cinema at 28 Liberty Street in the Financial District.

The Austin-based chain is close to inking a lease for a 40,000-square-foot, 10-screen theater in the base of Fosun Property Holdings’ landmarked tower, The New York Post reports. The 28 Liberty location will offer up to 600 seats and 20-foot ceilings. It’s expected to open in 2018 on the building’s third level below the ground floor.

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Asking rent for Alamo’s space wasn’t immediately clear, but rent for the below-ground retail floors reportedly hovers around $100 per square foot, according to the Post. The theater will be the second movie house in the neighborhood that serves upscale food and drinks during films, following on the heels of iPic Theaters, which opened at South Street Seaport last fall.

Alamo opened its first New York City theater at City Point in Downtown Brooklyn last year.

Several tenants have rented space in the office portion of the building in the past year, including the New York State Attorney General’s office, Milbank, Tweed, Hadley & McCloy, Ironshore Holdings and JLL. Hospitality mogul Danny Meyer is also partnering with Fosun to open a $30 million restaurant, bar, and event space on the top floor, the Post reported in March.

Newmark (NMRK) Grubb Knight Frank’s Jeffrey Roseman and Ross Kaplan rep the landlord, and a spokesman for the brokerage didn’t immediately return a request for comment.

Fosun purchased the 1961 office building, formerly known as One Chase Manhattan Plaza, from J.P. Morgan Chase for $725 million in 2013. The Chinese firm plans to spend $160 million renovating the 2.2-million-square-foot, 60-story property, as Commercial Observer previously reported. The revamp will add 200,000 square feet of retail to the ground through the third basement floors.