BY THE VILLAGE SUN | As the clock ticks down toward the May 2 deadline for the newly created Theatre 80 nonprofit to raise $9 million, a sign recently posted atop the St. Mark’s Place theater’s awning hit home that the building could soon be sold.
The placard advertises a Web address for information about the building’s scheduled bankruptcy auction on Tues., May 9, at 11 a.m.
Maltz Auctions is in charge of the auction —which will be held virtually — for the 14,400-square-foot, 5-story, mixed-use building. Only participants who provide a cashier’s check upfront for $950,000 will be allowed to participate.
The listing notes the 1920 property “features theater, bar & eating establishment,” plus five residential apartments, the Museum of the American Gangster and a takeout window “previously operated as a sandwich shop.” Annual property taxes are listed as nearly $125,000.
Lorcan Otway and Genie Gilmore still own the building but, as part of the bankruptcy proceedings, were forced to vacate it on April 5. To pay off their debt and keep the place, they need to raise $13.75 million. They say they have “conditional” commitments for $5 million, but obviously need much more, and are still holding out hope that one or more angel investors step in to save the iconic East Village institution. A GoFundMe has been set up to accept donations to the new Theatre 80 nonprofit foundation.