Billionaire Aby Rosen has recently made headlines for his discreet purchase of the historic Hamptons cinema. This revelation has created quite a buzz among the Southampton community. As a titan of real estate development, Rosen boasts of a track record of acquiring some of the most iconic properties in Manhattan. The historic movie theater at Southampton was added to his portfolio last November for a staggering investment of $8 million by Hill Street Cinema LLC, an entity hidden in mystery until now. This acquisition has raised many eyebrows as it triumphed over documentary filmmakers Ben and Orson Cummings. Besides, locals are also concerned about this move, hoping to see the theater’s cultural legacy well preserved.
Hamptons has always been associated with the famous and the rich has seen several high-profile acquisitions. However, Rosen’s decision and his potential plans for the cinema have spurred controversies. It is rumored in the local community that the landmark property might be transformed into an exclusive private club catering to billionaire associates of Rosen. As per reports, scaffolding is already seen around the property, triggering gossip that the area’s affluent residents have been informed over emails about million-dollar contributions and substantial dues for access to a patron’s lounge, a private restaurant, and state-of-the-art screening rooms. Whispers about such transformation have concerned the locals as they fear monopolizing their hometown.
Shedding light on this perspective, a representative for Aby Rosen has vehemently denied these allegations. The spokesperson reveals that Rosen has no intention of converting the Southampton Cinema into a private club. However, the representative refused to share further details, stating, “We are not ready to share plans at this time.”
A press release dated August 17, 2022, posted on the theater’s website has brought a ray of hope. It announced plans to reopen the historic structure as a cinema for movies and cultural events. According to a spokesperson from Hill Street Cinema, they desire to preserve the cultural heritage of Southampton Village by restoring the building’s distinctive architecture to its original form.
Constructed in 1932, Southampton Cinema boasts a rich legacy, and later, in the 90s, it evolved into a multiplex. It closed down during the onset of the global pandemic and since then has remained idle. Recognizing the historical significance of the building, the Southampton Village Board of Architectural Review and Historic Preservation designated the building as a landmark property in January, acknowledging it as a focal point and institution in the village.
Aby Rosen is a well-known name in the real estate industry. It is often associated with upscale redevelopment projects such as the Chrysler Building and the former Four Seasons Restaurant within his Seagram Building portfolio. Apart from real estate, Rosen has an enviable art collection. He is also the mastermind behind the popular Soho lounge, The Blond, at his post–11 Howard hotel. His portfolio includes the Paramount Hotel in NYC and the W Hotel in Miami.
Rosen owns a lavish $21.5 million mansion along the illustrious “Billionaire’s Lane.” His previous ownership of iconic properties like Lever House and the Gramercy Park Hotel and his involvement in funding the Upper East Side’s exclusive Core Club reflect his love for luxury experiences.
Southampton Cinema is a valuable addition to his Hamptons portfolio. While the mystery surrounding the future of the landmark property continues to intensify, the community is optimistic and eagerly awaiting official plans to write a new chapter in the village’s cultural heritage.
