Bronxville resident Michael DiCosimo has backed out of negotiations to purchase the Larchmont Playhouse theater, according to reports.
“I am no longer involved with this project,” DiCosimo reportedly wrote in an email to LoHud this week.
DiCosimo had signed a contract to purchase the building, at 1975 Palmer Ave., for about $1.3 million in November, but legal complications kept the deal from being finalized.
“The property is now officially back on the market without any contract stipulations,” said Barry Synnott, a Realtor with Coldwell Banker who is the property’s listing agent.
There is some hopeful news for local residents who have been fighting to save the Larchmont Playhouse. Elizabeth Bradley, a volunteer for this effort writes in a post to the group’s website that a Bronxville man has signed a contract to buy and renovate the theatre, and with help from the community, may complete a renovation:
“There are several contingencies — including one that involves Regal Entertainment — so it’s not quite a done deal. But we are cautiously optimistic that the theater will reopen this year.”
Michael DiCosimo plans to own the building, operate the three theaters and build his offices and a studio in the back of the theater.
“We are so fortunate and grateful that Michael wants to move his company to Larchmont, reopen and upgrade the Playhouse, and work to create both an entertainment and community hub.
“Michael’s plan is to make the needed repairs to the building and add state of the art projection and sound to the three theaters. And Michael hopes that our community will support him by donating – through the 501(c)(3) we formed this summer – to the theater for things like new seats, an updated lobby area and potentially a wine bar/café,” the announcement says.
If things go according to plan, Bradley and her partner Ellen Zuckert say movies could possibly be running in Larchmont again in this new year.
Zuckert told theLoop, “We are very fortunate that (DiCosimo) has continued to pursue the building since it went on the market last spring. But it’s not a done deal — Regal Entertainment, the owner of New Roc — hasn’t yet lifted its overreaching restriction on the Playhouse that would prevent the showing of first run movies, among other things. Until Regal acts, there won’t be a deal.”