14 Lincoln Place in Madison — Courtesy: Garibaldi Group
By Joshua Burd
A movie theater at a historic Madison building will continue to operate after the recent sale of the property to a development and investment firm, according to a broker involved with the sale.
Ed Flanagan, a vice president in the Chatham-based Garibaldi Group, said Thursday that Madison Cinema 4 will remain an occupant at 14 Lincoln Place. The building’s new owner, Saxum Real Estate, acquired the property in a deal announced last month.
“Bow Tie Cinemas is still leasing the first floor of the building for movies,” Flanagan said. “The lease isn’t being affected.”
The 11,000-square-foot building dates back to 1925 and had been on the market since September 2015, Flanagan said. Borough officials renewed the license of the Connecticut-based theater chain late last year.
The chain has leased the space since 2013, when Bow Tie acquired most of Clearview Cinemas’ theaters from Cablevision, including the Madison theater.
Madison Mayor Robert Conley said the theater chain leases the building on a month-to-month basis, adding that he has not heard of any “immediate plans” from the buyers on the building’s future.
“They haven’t made any long-term commitments to each other,” the mayor said, adding that the theater is a local landmark for the borough.
“It holds memories for many people,” he said. “The theater is a gateway to Madison from the train station for those coming off the train from the Lincoln Place side.”
Saxum, which is based in Parsippany, did not offer details about its plans for the property after making the acquisition.
“Madison is home to one of New Jersey’s best Main Streets and we are excited for the opportunity to further enhance this vibrant community,” Anthony Rinaldi, managing principal with Saxum, said at the time.