Reading International Announces Sale of NYC Cinemas for $41M

What Happened Reading International, through its subsidiary Sutton Hill Properties, LLC, announced on Aug 31, 2026 that it entered into a Contract of Sale to sell its cinema property at 1001–1007 Third Avenue, New York (Cinemas 1, 2 & 3) to 1001 Third Avenue LLC for a sale price of $41,000,000. A $4,100,000 down payment has been placed in escrow and the closing is expected on or about October 30, 2026. The closing is not subject to further due diligence or financing contingencies.

Key Details

• Seller: Sutton Hill Properties, LLC (subsidiary of Reading International); Purchaser: 1001 Third Avenue LLC.
• Sale price: $41,000,000; deposit: $4,100,000 paid into escrow.
• Existing mortgage on the property ≈ $19,000,000; SHP’s obligations under that loan will be satisfied at closing.
• Closing expected on or about October 30, 2026; balance payable at closing subject to customary adjustments. The full Contract will be filed as an exhibit in the company’s next periodic SEC report.

Why It Matters This is a material property sale that will convert a physical asset into cash proceeds and will eliminate the related mortgage liability (approximately $19M) at closing. For investors, the transaction affects Reading’s real estate holdings and balance sheet liquidity—bringing immediate cash (less mortgage payoff and adjustments) and reducing outstanding secured debt tied to the Premises. The lack of further financing or due-diligence contingencies reduces the risk of the deal falling through before the expected closing date.