Google Maps
Free Upper East Side News, Delivered To Your Inbox
A neighborhood movie theater that’s been in operation for more than six decades could soon close its doors.
The property at 1001 Third Avenue, home to Cinema 123 by Angelika, has been listed for sale with an asking price of roughly $50 million, Crain’s was first to report.
Advertisement
Reading International, the East Village-based entertainment and real estate company that owns the site, is looking to sell the property amid an improving Manhattan real estate market and growing demands on the company’s liquidity, according to an SEC filing. The company reported negative working capital of $92.7 million as of September 2025 and has been selling off assets in the U.S. and abroad to pay down debt. A limited liability company affiliated with Reading International purchased 1001 Third Avenue in 2005 for approximately $12.2 million.The theater, situated between East 59th and East 60th streets across from the Bloomingdale’s flagship, first opened in 1962. It operates three screens and is part of the Angelika Film Center chain, which also has locations in Greenwich Village and the East Village. The theater still runs programming like “Musical Mondays,” a monthly classic musical screening, and “Top Secret Cinema,” where the film remains a surprise until showtime.
Marketing materials prepared by a Newmark team of Adam Doneger, Adam Spies and Avery Silverstein pitch the 8,000-square-foot lot for a range of redevelopment possibilities, including flagship retail, residential, commercial or hotel uses — or a luxury mixed-use tower. A project on the site could span roughly 79,000 square feet, increasing to about 95,000 square feet if a developer includes affordable housing.
Advertisement
Cinema 123 remains open for the time being, though a sale to a developer would likely mean the end of the line for the approximately 23,700-square-foot theater unless Reading International leased the space back.Reading International owns 55 movie theaters along with other entertainment venues, including the Orpheum Theatre in the East Village and Minetta Lane Theatre in Greenwich Village. The company holds properties across the United States, Australia and New Zealand.
Have a news tip? Send it to us here!
