Coney Island's landmarked building, Shore Theater, has seen a ray of light of being restored to its former glory following the confirmed acquisition of the property for a reported $20 million.
Shore Theater, which has been neglected for decades, has been purchased by Pye Properties. The developer recognizes the importance of the property to Coney Island's history and plans to restore the place and use as entertainment venue, Shiphead Bites has reported.
The news was first reported by The Coney Island Blog and was later confirmed by Pye Properties which represented the buyer.
"We spoke with a man named Peter who is a member of the Pye Properties management team who gave us a peek inside the landmarked theater. Hopefully the new owners will decide to make good use of the former 1920's Loews Coney Island Theater," the blog wrote.
Igor Oberman, outside council for Pye Properties, said, "The community can rest assured that the buyer intends to use the Shore Theater as an entertainment venue and revitalize it after many decades of neglect."
"This is a tremendous asset that the community wants to revitalize and it is an exciting way to kick off 2016," he added.
While Oberman did not confirm that the 1920s theater was sold for $20 million, he said the Pye Properties will release more details in the coming weeks. Kansas fried chicken mogul Horace Bullard bought the property in 1978 with a plan to turn it into a hotel and casino. It did not come into fruition and the building was left neglected since then.
Bullard died in 2013 and his daughter, Jasmine, has been under pressure to decide on the fate of the property, according to Shiphead Bites. Finally, Coney Island receives the good news that Jasmine sold the property and the buyer will bring back the theater.
