Reading International, Inc. Announces Progress on Union Square Property

Category:

4/28/16 3:23 pm EDT

Dateline:

LOS ANGELES

Public Company Information:

NASDAQ:
RDI
US7554081015

LOS ANGELES--(BUSINESS WIRE)--Reading International, Inc. (NASDAQ: RDI) announced today that it has received a variance from the New York City Board of Standards and Approvals to restore, repurpose and enlarge its existing Union Square property - the historic Tammany Hall - as a six story destination retail and commercial office building with an iconic glass dome. The granted variance represents one of the last major regulatory approvals required to proceed with the development as final plans remain subject to approval by the New York City Department of Buildings. The Company noted that it expects to secure the necessary approvals from the Department of Buildings.

The Union Square Property is prepared for pre-development activities and is currently empty, with internal demolition processes having already commenced. An affiliate of CNY Construction LLC has been retained to provide pre-construction services, and it is anticipated that the restoration conceived and designed by BKSK Architects will be ready for occupancy during the second quarter of 2018. Newmark Grubb Knight Frank is the exclusive leasing agent for the project.

Margaret Cotter, Reading Executive Vice President-Real Estate Management and Development-NYC, said, “We are pleased to have achieved this milestone for the development of our Union Square property and are excited by the strong level of interest we have received from prospective retail tenants. New York is among the greatest cities in the world, and Union Square is one of its most dynamic and attractive locations. This is a tremendous opportunity to create a highly successful and unique mixed-use destination that drives significant value to our portfolio.”

Union Square is one of New York City’s most highly-trafficked neighborhoods with over 70,000 residents, 150,000 employees and 40,000 students. It boasts a thriving cultural, retail and restaurant scene including the world-famous Greenmarket, visited some days by over 380,000 patrons. The Union Square subway station, the fourth busiest in the City on weekdays and the second busiest over weekends, services close to 36 million passengers annually.

For additional information about the development or to join the tenant interest list, please visit: 44UnionSquare.com.

About Reading International, Inc.

Reading International (http://www.readingrdi.com) is in the business of owning and operating cinemas and developing, owning and operating real estate assets. Our business consists primarily of:

  • the development, ownership and operation of multiplex cinemas in the United States, Australia and New Zealand; and
  • the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States, including entertainment-themed retail centers in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.

Reading manages its worldwide business under various different brands:

Contact:

Reading International, Inc.
Dev Ghose, 213-235-2240
Andrzej J. Matyczynski, 213-235-2240

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