Movie theater chain iPic Entertainment is on the hunt for eight retail spaces in New York City and on Long Island to either lease to buy, The Real Deal has learned.
The Boca Raton, Fla.-based company, known for offering gourmet food and cocktails to patrons, tapped Brad Cohen of commercial brokerage Eastern Consolidated to secure locations. The facilities will range between 32,000 square feet and 48,000 square feet in size. A smaller multiplex holds six screens and 500 seats, while a larger one holds 10 screens and 800 seats. The chain, founded in 2006, plans to open all of the theaters by 2018.
Cohen said in a statement that iPic is considering opportunities such as a ground lease, a conversion of existing movie theaters, a new development project and purchasing buildings or land.
Late last year, iPic signed a deal to make its debut in the city – a 46,000-square-foot space at 11 Fulton Street as part of Howard Hughes Corporation’s South Street Seaport redevelopment, as previously reported. That eight-screen space is slated to open next year. The chain now operates 11 locations, including three in Texas and two in California.