Second Stage Asks for Extension on Helen Hayes Purchase; Talks at Stand-Still

The New York Times writes that Second Stage Theater Artistic Director Carole Rothman has filed for a 90-day extension to close on Broadway's Helen Hayes Theatre, after her company failed to raise the $25 million in time to finalize the venue's purchase.

Rothman went to the New York State Supreme Court today, February 13, to stop the owners of the Hayes from "trying to get a higher price" for the theater from another buyer. The owners said they are not looking for more money but that Second Stage is short on the funds necessary for their scheduled closing on Tuesday, February 17.

If granted, the extension to May 18 would "allow Second Stage the necessary time to secure financing, among other important actions." According to Second Stage, an extension was allegedly permissible under the original purchase agreement. Coming up with the money is just "one of 38 points on a checklist of closing-related items we have to deal with," Casey Reitz, executive director of Second Stage, said.

The Hayes owners offered the extension for "a six-figure payment," and Rothman and Reitz tried to negotiate the amount but talks came to a stand-still.

"They don't have the money. That's the truth," Jeffrey Tick, one of the Hayes owners, said. "We have a closing set up, we followed everything according to the contract." If Second Stage is unable to buy the Hayes, it will remain in possession of Tick and his partner Martin Markinson.

Second Stage was aiming to purchase and renovate the Hayes in time for the 2017-18 season. The off-Broadway company announced it would be acquiring the Hayes in 2007. Whether the deal goes through or not, Second Stage will continue to lease and operate their original theaters on the city's Upper West Side and in Midtown Manhattan.