Shubert Organization Sells Air Rights, Vacant Lots, Totaling Over $82.3 Million

The Shubert Organization received more than $82.3 million from a recent real estate deal, Forbes reports. The Broadway theatre company recently agreed to sell two vacant lots on Eighth Avenue, as well as the air rights above the Imperial Theatre. The spaces were sold to real estate developer, Extell Development Company.

The air rights were sold for $51,215,861, breaking the previous record of $41 million, which the Shubert sold the air rights above the Cort Theatre for in 2017. Additionally, the landlord sold air rights above the Majestic Theatre in 2017 for $17.1 million.

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The Shubert Organization is America's oldest professional theatre company and the largest theatre owner on Broadway. Since the dawn of the 20th century, Shubert has operated hundreds of theatres and produced hundreds of plays and musicals both in New York City and throughout the United States. Shubert currently owns and operates 17 Broadway theatres, six off-Broadway venues, and the Forrest Theatre in Philadelphia.

Under the leadership of Robert E. Wankel, Chairman and CEO, The Shubert Organization continues to be a leader in the theatre industry. Notable productions and co-productions include Cats, Sunday in the Park with George, Dreamgirls, The Heidi Chronicles, Jerome Robbins' Broadway, Amadeus, Children of a Lesser God, The Grapes of Wrath, Ain't Misbehavin', Hedwig and the Angry Inch, Spamalot, The Elephant Man, The Curious Incident of the Dog in the Night-Time, School of Rock, Dear Evan Hansen, Come From Away, and more.

Shubert delivers innovative ticketing solutions via its Telecharge interface, API distribution, and private-label technology, offering unparalleled distribution and marketing to the theatre industry and beyond. Its consumer-facing brands-Telecharge for retail ticket sales and Broadway Inbound for group buyers, tour operators, and the travel industry-sell millions of tickets each year.

The Shubert Foundation, sole shareholder of The Shubert Organization, Inc., is dedicated to sustaining and advancing live performing arts in the United States. The Foundation provides general operating support to not-for-profit theatres and dance companies, and operates the Shubert Archive as a special project. Foundation grants in 2019 totaled $32 million.