188-192 Prospect Park West

188-192 Prospect Park West
Brooklyn, NY 11215

MOVIE THEATER AND RETAIL REDEVELOPMENT

Hidrock purchased 188 Prospect Park West, the Pavilion Movie Theater building, in 3rd Quarter of 2006. The theater was built in 1928, and at the time of Hidrock’s acquisition, it was leased to a theater operator for an additional 32 years. Shortly after the acquisition, Hidrock was able to renegotiate the lease terms to provide for an early termination right, at landlord’s option. Hidrock expanded the site by acquiring the neighboring parcel and proceeded to design plans for a new theater and condominium development, which they then took through Landmarks Preservation Commission approval. However, prior to commencing construction, Hidrock locked in a return similar to what was projected under a new development by selling the majority of the site for $28 million to a new theater operator, who would exercise the early termination right and improve the theater for its own use. Hidrock retained the adjacent property, a single-story building formerly occupied by Circles Restaurant, reapplied with Landmarks Preservation Commission for a new storefront and leased the space to Ample Hills Creamery.

  • 40,000 SF Retail Property
  • Park Slope Submarket