Photos by Stacie Joy
At some point today, marshals are expected to seize the connected buildings at 78-80 St. Mark's Place, forcing owners and upstairs residents Lorcan and Genie Otway to vacate the property between First Avenue and Second Avenue ahead of a sale via a bankruptcy court.
As previously reported, the Otways have been battling in recent years to save the space, which houses a 199-seat theater, the William Barnacle Tavern and the Museum of the American Gangster.
Per this December 2021 story in The New York Times, Lorcan said that the theater, which his father bought and started in 1964, and its companion businesses were in good financial health until March 2020 and the start of NY State's PAUSE.
More background from the Times:
Shortly before then, he had taken out a $6.1 million mortgage against the properties to settle an inheritance dispute, pay legal fees and finance needed renovations. With the pandemic lockdown and a precipitous decline in revenue, that loan went into default and was purchased by Maverick Real Estate Partners about a year ago. The firm, according to court documents, has closed over 130 distressed debt transactions, with a total value of over $300 million.
The Times reported that the original lender later sold the debt to Maverick, which raised the interest rate from 10% to 24% without Lorcan's knowledge. The deficit reportedly ballooned to $12 million, and they filed for bankruptcy under Chapter 11 in December 2021.
Last night, EVG contributor Stacie Joy stopped by the former Prohibition-era speakeasy for — possibly — a last look at the historic East Village venue.
Lorcan, who has been at the address since age 9, was understandably angry and sad last evening about the pending eviction and the kafkaesque situation that has unfolded here since the start of the pandemic ...
After the space is padlocked today, we understand that the Otways will have a three-week window to raise the rest of the money owed... and hope for an angel investor.
New York City's Department of Cultural Affairs has also reportedly supported the theater's survival efforts. The office has already expedited granting a tax-exempt 501(c)(3) status to Historic 80 Saint Marks Inc.
To date, more than 5,000 people have signed a petition to save the space.
There's got to be a creative/actor/celebrity/Hollywood-type who could step in and help with this!
ReplyDeleteWhere is Lin Manuel Miranda? He's richer than God and could be the hero.
DeleteDrNiro? A New York guy.
DeleteRight? I've seen Alan Cumming around the neighborhood a number of times, he seems like someone this would appeal to. I know Lin Manuel poured a bunch into saving the Drama Book Shop, and surely he knows someone who could get behind this even if he didn't himself.
DeleteWow - thanks Stacie for the story and tour. Great pictures as well. Yes lets pray for an angel investor to save this space.
ReplyDeleteTruly frightening how things can go so wrong so quickly and the vultures always ready to swoop in and make it worse. So sad to read this. -CMerry
ReplyDeleteMan, I wish there had never been that family drama between the brothers. This should have never gotten to this point. Thank you for the tour. It would be a welcome miracle if whoever buys it wants to preserve the theater. Unlikely though.
ReplyDeleteI hope ALL
ReplyDeleteThe tenants in his building can keep there apts🥊🥊🥊
Sad to see them close. It was a fun place to see some truly unique shows. But the truth is, I've been in mourning ever since the departure of that French guy who made the extraordinarily delicious Brittany style crepes with fresh fruit and a dash of pepper. Best "bar food" ever!
ReplyDeleteDamn.
ReplyDeleteMany nights spent here running my camera and directing others as Allie and I produced episodes of Reverend Billy and the Stop Shopping Choir for Free Speech Tv. The backstage antics were worthy of a Muppet Show ‘show within a show’ format - good memories.
ReplyDeleteAccording to recent news reports former Community Space ABC NO RIO has around 10 million dollars in the bank , for a long time now , to rebuild their building. Can anyone ask the director of ABC NO RIO about buying Theater 80 ?
ReplyDeleteThat's a wild idea but I think a lot of the money could possibly be attached to the rivington street rebuild legally since a lot of it I believe was gifted from council members discretionary funds if I remember correctly. Also, that would set the abc no Rio project back again
DeleteA shame, but why was the theatre never utilized in order to generate revenue? Karaoke on the odd night I know, but most often it sat empty, earning zero revenue. Renting the space for shows, performances, anything really, would have generated rental fees and patrons with cash for the bar. And all the people on Instagram (and here) lamenting the loss. Where were you? The bar was near empty most nights I was there, (which I liked tbh) often, but still. Too little too late, people. Hopefully it's a lesson learned.
ReplyDeleteIt seems unkind and unhelpful to weigh in on what they could have or should have done differently. I'm sitting across the street from them now having lunch @ La Palapa and seeing them fill up their U-Haul is heartbreaking. Here's to a soft as possible landing for all concerned. Best JG
ReplyDeleteAll kinds of wrong. Love this space. Good people doing good things. Why do we always LOSE? Why do the asshat bankers always win?
ReplyDeleteI guess the long term impact of the government restrictions on the economy just doesn't get mentioned?
Deletereally sad to hear. did my only NYC theater performance on that stage some 10+ years ago.
ReplyDeletesuch a shame Theater 80 has been part of East Village life forever be a crime to loose it remember seeing You're a Good Man Charlie Brown and Lily Tomlin there when i was a kid 50+ years ago
ReplyDeletedamn predatory lenders this was a hit job on a prime piece of the "new east village" real estate interests have been working on for a long time too many bars too many touristcentric businesses too much unaffordable housing. it's like there should be a community board or something to prevent this kinda of thing
Theatre 80 is not finished yet! This fight is going to go down to the wire.
ReplyDeleteThe Otways have only two weeks left to raise several million dollars, and while there ARE some emergency grants on the way, the community is really going to have to scramble if we are going to save Theatre 80. Please, please, please, --if you have experience fundraising or know of anyone who wants to help, message Lorcan Otway or Bethann Carbone at https://www.historic80stmarks.com/.
Contact Gov. Hochul and ask her to intervene: https://www.governor.ny.gov/content/governor-contact-form
And please, share the petition which has passed 5000 https://www.change.org/savetheatre80
Keep the faith✊🏽
DeleteMaybe those people should have protested the insane government restrictions that led to this - and countless other places - permanently closing.
Delete@ 5:17
ReplyDeleteThat has been mentioned many times in stories about this dating to December 2021.
@5:17 here. It isn't mentioned enough. You blame 'covid' not government restrictions imposed by the city and supported by many here. You mention it in passing.
DeleteTake it easy John Galt. We get your Covid good, government bad point.
DeleteToo bad Lorcan did not do the benefit that he was asked to do, before the eviction, for Stop Cop City protesters from NYC who are being held without bail in Georgia and are having to raise funds to not lose their NYC apartments. He could of at least gone out doing something positive and radical but decided not too and did a City Hall rally like CHARAS foundation did which helped neither one of them. Barnacle Bill would definitely have done it. FYI if an angel cannot be found to Save Charas then I doubt that Toglia is right about finding one for Lorcan.
ReplyDeleteAnd what about the walk of fame outside Theatre 80? Ruby Keeler, Joan Crawford, Myrna Loy .... ?
ReplyDeleteI looked this morning. There is no signage from the marshals and no pad locks. Not sure what that means.
ReplyDeleteThe Theater and its owners are the victims of insane government responses to covid. Those government actions inflicted only harm. Not one bit of good resulted from the psychotic government covid-driven intrusions into our daily lives.
ReplyDeleteConjecture not supported by any evidence, unless excess deaths of your fellow citizens doesn’t matter to you.
DeleteHOW can the amount of ANY loan agreement be DOUBLED simply because it was purchased by another entity?
ReplyDeleteThat HAS TO be illegal (Lorcan and Genie didn't actually RECEIVE $12 million), in which case, the loan agreement should be NULLIFIED by a judge.
-Chris Flash
Seems like the antivaxxers have invaded the comments section.
ReplyDeleteIn 1967, I lived on E 11th between B&C. I remember seeing “You’re a Good Man, Charlie Brown” there. And then there was NEC on Second Ave. So many lifetimes ago. It is so sad the the history of our neighborhoods are being usurped and rewritten by capitalistic greed.
ReplyDeleteI have wonderful memories of performing on this stage, sitting in the lobby and watching the shows. I also used to just enjoy walking by and seeing who was sitting out front. Iconic NYC location. I think the last show I saw as a resident of NYC was at this theater.
ReplyDeleteIf a film company wants to compete with A24 over at the Cherry Lane Theater, this might be the place. Then again, I have no idea why A24 bought CLT, but I bet they run it well.
ReplyDeleteInteresting article on the back story of how this came about.
ReplyDeletehttps://www.dnainfo.com/new-york/20151221/east-village/man-threatened-become-journalist-if-mom-sold-their-home-court-docs/
There are PLENTY of Broadway theater actors and actresses mixed in with those in TV and film that are wealthy enough and could do a special fund raiser for this place if they really wanted to. You would think that after the strike, they would use common sense and help out. After all, the slogan was 'We're all in this together'. Apparently not. Where is everyone? So sad as the theater is such a theatrical gem.
ReplyDelete