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.
Updated: There is a GoFundMe here.