Photo by Stacie Joy
Yesterday saw Lorcan and Genie Otway, the longtime owners of 78-80 St. Mark's Place, ordered off the property here between First Avenue and Second Avenue.
As previously reported, the Otways have been battling in recent years to save the space, which houses Theatre 80, a 199-seat theater, the William Barnacle Tavern and the Museum of the American Gangster.
The two-building property is set to be sold off to satisfy a $12 million loan that is in default via Maverick Real Estate Partners. As The Real Deal reported: "New York-based Maverick, led by David Aviram, has a reputation for aggressively buying up the troubled debt of real estate landlords — big and small — before raising interest rates to as high as 24%." And per the Times: "The firm, according to court documents, has closed over 130 distressed debt transactions, with a total value of over $300 million." (Our previous post has more background.)
Several readers said they expected a more dramatic show of force — tickets/seizure notices, court paperwork and padlocks.
As EVG contributor Stacie Joy observed, a court-appointed bankruptcy trustee was on-hand with a man in plain clothes. The two changed the locks on the commercial spaces and the residential building at No. 78, where the Otways lived. They are no longer allowed to be on the premises, though the other tenants can continue living here.
Still, it wasn't any less traumatic for the Otways. Lorcan had lived here since age 9 when his father bought the buildings to create an Off-Broadway theater in 1964. They were seen leaving the premises with some belongings in a rental truck.
The Otways have a three-week window to raise the rest of the money owed (roughly $6 million) ... and hope for an angel investor. (Lorcan has also said the IRS was being surprisingly helpful.)
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., which will open them up to various grants.
Meanwhile, more than 5,000 people have signed a petition to save the space. Organizers have also asked supporters to contact Gov. Hochul to intervene.
Updated: There is a GoFundMe here.
The only way to save the theater, not the bar, is to incorporate it into the new building that is going to be build there, like what saved Theater for the New City.
ReplyDeleteBut it definitely should not be returned to the previous owners hands.
I have emailed the governor, since it seems impossible for anyone in her office to actually answer the PHONE.
ReplyDeleteI wish I had the financial means to make a difference to this outrageous situation.
I sincerely hope someone who DOES have the means will step up to the plate, ASAP.
In my opinion, both the theatre and the bar should be preserved for the historic cultural institutions that they are. Why should the building be destroyed? So the affluent can live in yet another luxury condo? Ridiculous! —MH
ReplyDeleteGet in touch with Aaron Sosnick, the man who bought the LES Boys Club building. He then worked a deal with Joyce Theater. Maybe he can work his magic here!
ReplyDelete4:36 pm - why should the building not be returned to the previous owners? Your thoughts are cruel. These are good people who ran a wonderful institution.
ReplyDeleteAt 6:15 AM, Anonymous quoth:
ReplyDeleteGet in touch with Aaron Sosnick, the man who bought the LES Boys Club building. He then worked a deal with Joyce Theater. Maybe he can work his magic here!
Do you have contact info?
Sorry, i do not. I do recall a past evgrieve post saying he lives or at least has an apartment in the Christadora
DeleteNONE of this is making sense, from the DOUBLING of the note balance (though Lorcan and Genie received only HALF of the alleged $12 million being claimed) to the failure to follow standard operating procedure, whereby a court order is required AFTER a hearing BEFORE a MARSHAL (not a "trustee) can seize or take possession of a property, to Lorcan and Genie, both senior citizens, being forced to leave their primary residence, though the note is collateralized by the building, which is owned by a corporate entity.
ReplyDeleteIs the entire system CORRUPT-AS-FUCK??
Sure looks that way!
-Chris Flash
Chris Flash--
ReplyDeleteYeah, in my experience right now saving Theatre80, it really does look that way. From the beginning, between no info on pandemic small-business assistance to the trustee not accepting how profitable the business is, it just did not add up, relieved I'm not the only one