Economics, Parking Hinder Odeon Sale

On the southwest corner of Sunrise Highway and Morris Avenue sits an unoccupied building with an enormous blank marquee.

Since closing its doors in Jan. 2006, the former site of the Odeon Cinemas has been vacant. The building has gone through multiple realtors since closing, from Sutton & Edwards to Breslin Realty, until its owners switched to Pliskin Realty and Development Inc. around six months ago.

The owners are looking to either sell or lease the 11,000 square foot property. Greg Batista, the realtor for the site, said that there are three scenarios: the building will be sold, leased as is, or leased to suit, meaning the developers would build the property to suit the lessee.

If a lessee were to choose the third option, Batista said the landlords would need to evaluate whether they would make their money back. 

But what's hindered potential tenants for more than four years? Batista said he thinks there are a number of factors.

"Firstly, it's the economy," he said. "The building requires a lot of work and people who have inquired are concerned about having to pay out of pocket to fix it up."

Batista added that the lack of parking concerns potential occupants. HSBC Bank owns the lot directly behind the property, and the metered lot between Morris Avenue and Park Avenue, which has about 240 spots, is frequently filled.

However, Batisita said that the realty firm has received "a lot of good inquiries," from local and national businesses and restaurants. "We're weighing our options right now," he said.

After its initial closing, there was speculation that the owners of the Malverne Cinema might take over the theater, but those rumors died down and the site has remained unoccupied. And despite being an eye-sore, village officials can't do much to change it.

"We don't own the property, so we don't get to decide what goes there," said Jeff Kluewer, spokesman for the village. "The village government would, of course, prefer that the occupancy rate of commercial properties were 100 percent, but that is not something within our control. We just approve the plans when and if they come in."