Historic West Village Theater Hits Market for $12.95 Million

(Bloomberg) -- A nearly century-old theater in New York City’s Greenwich Village is on the market after a previous deal to sell the site fell apart. 

The Cherry Lane Theatre, which dates to the 1920s, is the longest running off-Broadway theater in New York. The site, including two theaters and eight residential apartments at 38-42 Commerce St., is being listed for $12.95 million.

The seller of the property wants to “pass the baton” to a buyer associated with theater, according to Mary Vetri, an agent at Brown Harris Stevens.

“I think it’s going to be somebody associated with the theater because it must remain a theater,” she said. “I’m very encouraged this is a good time to bring it to the market.”

The three buildings for sale are joined through shared hallways and building mechanics. The theater is currently home to comedian Neal Brennan’s latest show. Over the years, it has hosted works by famous playwrights including F. Scott Fitzgerald, Eugene O’Neill and Gertrude Stein.

Theaters across New York took a massive hit during the pandemic amid closings and a loss in tourism. Ticket sales have picked up as Broadway reopened this fall.

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