Some properties take longer than others to sell, and some take much, much longer. Case in point: the Capitol Theater in New London Connecticut, which has been closed and vacant since April 1974 has been sold for $250,000.
CTInsider.com reports the property was acquired by Bank Street Holdings LLC for $250,000. The seller, Bank Street Renaissance LLC, bought the property in 2016 for $68,000.
The theater opened in 1921 as a combination vaudeville and movie theater. When it closed, it was operating as a pornographic movie theater. Over the years, several proposals were floated to redevelop the space as a disco, a Jehovah’s Witness meeting hall, and multifamily housing. The property last changed hands in 2016 for $68,000. In 2024, the property was listed for $375,000.
The new owner plans to renovate the space into an entertainment and music venue, with a reopening planned for 2027.
Photo of the Capitol Theater’s interior in 2024, courtesy of US Properties Real Estate Services and Cinema Treasures
