Here we go. Per the Massey Knakal listing:
The residential rents currently average $1,700/month, which is about 20% below current market levels providing great upside. With the exception of one RS unit, all apartments are FM, making it possible to improve unites [sic] and increase rents in the short term. The theater is on a month to month lease, so this could be a prime investor or user opportunity.
The theater in question is, of course, Under St. Marks, which has operated here as an experimental spot since the 1970s. The space is currently operated by the Horse Trade Theater Group. (We have an email out to them about all this.)
Investment properties (the asking price is $5.75 million) and experimental theater spaces certainly don't seem to go hand-in-hand ... making this potentially bad news down the road for Under St. Marks... and another loss for the neighborhood's creative spirit.