UES Cinema Sells To Developers For $41M To Be Razed For Apartments

UPPER EAST SIDE, NY — A longtime Upper East Side cinema — which closed in October after more than 64 years of business — has been sold to developers looking to build housing in its place.

According to a deed in city records filed Tuesday, Rogers Equities bought Cinema 123 by Angelika, located at 1001 Third Ave. between East 59th and East 60th streets, for $41 million.

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The two-story property, previously owned by Reading International — the parent company of Angelika — had its final day of operation on Oct. 30.

"As our final credits roll, we thank you for being part of our story," the theater wrote in a heartfelt Instagram post that included throwback photos of its heyday, when it was the first cinema in the country to operate twin screens.

Two other Angelika cinemas are still open downtown, in the East Village and in SoHo.

Adam Doneger, one of the listing agents of the property, told Crain's New York Business that the plan for the cinema lot includes a 79,000-square-foot luxury rental project.

After the closure of the East 86th Street Cinemas in 2019, Cinema 123's closure leaves just one movie theater on the Upper East Side — the AMC Orpheum 7 at Third Avenue and East 86th Street.

Know of a business opening or closing in Manhattan? Email Miranda.Levingston@Patch.com.