Roger Equities buys Upper East Side theater site for $41M
A $41M deed for the former Cinema 123 site at 1001 Third Avenue was recorded Nov. 10, and Roger Equities is reported to plan rental housing there.
- Source Briefing
- Public record
- Also reported by Commercial Observer
Roger Equities has taken title to the former Cinema 123 theater site at 1001 Third Avenue, Upper East Side (Manhattan), for $41M, according to a deed recorded in the City Register on Nov. 10.
The deed, signed Oct. 30, conveys Manhattan block 1414, lot 48 from Sutton Hill Properties LLC to 1001 Third Avenue LLC. The record names only the buyer’s single-purpose entity. Commercial Observer identifies Roger Equities as the purchaser and reports a redevelopment into rental housing, so the link between the LLC and the firm rests on that outlet, not on the deed itself.
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Why it matters
The site sits on Third Avenue between East 59th and East 60th Streets, and the buyer paid about 18% under the $50M target the seller set when it listed the property roughly seven months ago, per Commercial Observer. For developers watching Upper East Side land, that is a priced comparable on a lot of about 8,000 sq ft in a corridor where large residential sites rarely trade.
Commercial Observer reports that the lot can support about 80,000 sq ft of housing, or nearly 100,000 sq ft with an affordable component, and that Roger Equities is looking at the 485-x tax abatement program. Its source described the plans as preliminary. Nothing has been approved or filed that we have confirmed, so treat the housing program as proposed, not decided.
The numbers
The deed shows $41M. Commercial Observer reports that S3 Capital provided a $37M acquisition and predevelopment loan, which would cover about 90% of the price if the loan is tied to this purchase. We have not pulled a separate mortgage record for the loan, so that figure is the outlet’s.
Reading International, the theater’s longtime owner through its Sutton Hill subsidiary, closed the three-screen cinema in the weeks before the sale. The timeline from signing to recording was 11 days.
What’s next
Watch for a Department of Buildings filing under the new owner and any recorded mortgage tied to block 1414 lot 48, which would confirm lender and terms. A 485-x project of this size would also draw architects, filers and contractors looking for early scope. For other Manhattan land and development activity, see our New York market page.
Quick answers
- Who bought the Upper East Side theater site in New York, and for how much?
- A $41M deed for the former Cinema 123 site at 1001 Third Avenue was recorded Nov. 10, and Roger Equities is reported to plan rental housing there.
- What are the key numbers for Roger Equities?
- deed price: $41M; S3 Capital loan: $37M; signed to recorded: 11 days.
- Where does the information on Roger Equities come from?
- The story cites NYC Department of Finance, ACRIS City Register and Commercial Observer.
On the record
Deed signed 2026-10-30 and recorded 2026-11-10 (CRFN 2026000319367), Manhattan block 1414 lot 48, $41,000,000, from Sutton Hill Properties LLC to 1001 Third Avenue LLC
Public record · a836-acris.nyc.gov
Also reported by
- Commercial ObserverRoger Equities Buys Upper East Side Theater for $41M With Plans for Housing