More big property moves in Chelsea. Real estate investor Alf Naman, backed with a $6.87 million loan from Hollywood's Canyon Capital (the same folks who work with Magic Johnson's real estate fund), has snapped up the El Flamingo Theater, home to the Shakespearian disco remix The Donkey Show. What's ahead for the old digs? Sez a press release, "The cabaret theater located at 547-549 West 21st Street was purchased with an eye toward redeveloping the site and an adjacent property for residential and commercial uses. New zoning regulations adopted in June by the New York City Council will allow the transfer of development rights within West Chelsea, to foster new, more intensive residential and commercial development in the underutilized neighborhood." You know what that means: more condos! Wheeeee!
· Canyan Capital Provides Investor Nearly $7m [Business Wire PR]
· The Donkey Show [thedonkeyshow.com; warning: disco music]