World's largest religious TV network buys performing arts center.
The Century Center for the Performing Arts is a 15,000 s/f, 248-seat building, located between Union Square East and Irving Place in the heart of Union Square.
The space will serve as Trinity Broadcasting Network's first production studios in the New York City area. The company will utilize the venue as a live broadcast center for its programming.
Although no price was disclosed, Globe St. reported it was north of $13 million.
Yoav Oelsner, Charles Kingsley, Jon Epstein and Glenn Tolchin of Cushman & Wakefield's Capital Markets Group represented the seller, Theater First Foundation, and David Rosenbloom, a senior director in the firm's Midtown Manhattan office, represented the purchaser, Trinity Broadcasting Network. "The Union Square neighborhood is a thriving cultural, business and educational hub," said Oelsner, a senior director at Cushman & Wakefield. "Trinity Broadcasting Network fits right in to this vibrant community that is known for its diversity, creativity and one of the city's most popular parks."
"The Century Center for the Performing Arts is equipped with three main theatrical production spaces, including a theater that can seat about 300 people, a ballroom and a studio," said Rosenbloom. "These unique features will be useful for Trinity Broadcasting Network's production studios."
Trinity Broadcasting Network offers 24 hours of commercial-free inspirational programming that appeals to Protestant, Catholic and Messianic Jewish denominations. The company reaches every major continent, with 47 satellites and 12,000 television and cable affiliates. Trinity Broadcasting Network currently operates 3,000 television stations globally, and is the seventh-largest broadcast group owner in the U.S.
The Center for the Performing Arts, a historic landmark originally built in 1847 by architect Henry Hobson Richardson, was the original home of the Century Association, a members-only club of distinguished New Yorkers, including former Presidents Franklin Roosevelt and Theodore Roosevelt.
The building received a complete renovation project in 1996 that faithfully restored the late nineteenth century to its original grandeur.
Prominent neighbors include New York University, New School University.