Roger Equities Buys Upper East Side Theater for $41M With Plans for Housing
Tuesday, November 10, 2026 · first reported by Commercial Observer
Roger Equities has bought the former Cinema 123 site at 1001 Third Avenue on the Upper East Side for $41 million and intends to build rental housing there. Reading International had marketed the property with a $50 million target. S3 Capital supplied a $37 million acquisition and predevelopment loan. The theater operated for 64 years and closed in September ahead of the sale.
A source told Commercial Observer the plan is to use New York City's 485-x tax abatement program, with designs still preliminary. Newmark brokered both the sale and the debt.
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