It will be the final scene in a few weeks for a famous Manhattan movie theater.
Ziegfeld Theatre, which opened in 1969, is set to close within weeks and open again in fall 2017 as a high-end event space called the Ziegfeld Ballroom catering to society galas and corporate events, media reports said.
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According to the New York Post, the movie theater at141 W. 54th St.“is Manhattan’s last remaining large single-screen showplace used exclusively for movies with 1,300 seats.”
Despite its history and iconic status, hosting movie premiers through the years, the Art Deco theater was reportedly losing up to $1 million a year.
“There was not a profitable business there,” Allan Kurtz, managing director of Gotham Hall, the special events company that will be moving in, told the New York Daily News. “They were losing money, the economics no longer work as a single-screen movie theater.”