The owner of the landmarked Shore Theater has been declining all proposals to rehabilitate and reactivate the building, including one by a Manhattan restaurateur to turn it into a sprawling restaurant and culinary school.
The 1301 Surf Avenue building was inherited by Jasmine Bullard following the 2013 death of her father, Horace, a Coney Island visionary who long fought to revitalize the neighborhood during its darkest days. Although the building was on the market at the time of his death, Bullard has declined to hear out would-be buyers, Brooklyn Eagle reports.
“I have clients who are ready, willing and able to write a check for the Shore today,” broker Joe Vitacco told Eye on Real Estate.
He has tried to submit purchase offers to her, but in vain: “She won’t even look at them.”
Vitacco said he has four “solid” suitors for the Shore Theater:
* A “very well known restaurateur” from Manhattan who wants to build a cooking school downstairs and a restaurant on the top two floors.
“The view from the seventh floor is magnificent,” he said, and there’s a Juliet balcony where diners would be able to watch the Brooklyn Cyclones playing baseball at MCU Park.
* A “nationally known athlete” who would turn the Shore back into a movie theater — and no, it’s not Magic Johnson (who isn’t actively involved in Magic Johnson Theatres’ operations these days, anyway).
* A billionaire with a home in Brooklyn who “thinks it’s a beautiful building and should be restored,” Vitacco said.
This interested party made an offer when Horace Bullard was alive, but it wasn’t high enough. Now, “he’s willing to come to the table with more money,” the broker said.
* A real estate developer who is involved in Coney Island.
Vitacco marketed Horace Bullard’s properties for about a decade. When the Shore was Vitacco’s listing, the asking price was $12 million.
It is estimated that it will take approximately $35 million to renovate the 115,000-square-foot, seven-story structure.