Netflix Leases NYC's Paris Theater To Prevent Closure

MIDTOWN MANHATTAN, NY — Streaming service Netflix has secured a lease for New York City's historic Paris Theater, which shut down earlier this year, in an effort to preserve the city's final single-screen theater, the company announced Monday.

Terms of Netflix's lease deal with the Paris' landlord — Billionaire real estate developer Sheldon Solow — were not released, but the company plans to use the space for special events, screenings and releases of its original films.

Netflix recently revived the theater for the theatrical run of its film "Marriage Story" and executives hinted at preserving the space in a more permanent capacity. Monday's announcement confirmed those rumors.

"After 71 years, the Paris Theatre has an enduring legacy, and remains the destination for a one-of-a kind movie-going experience," Netflix executive Ted Sarandos said in a statement. "We are incredibly proud to preserve this historic New York institution so it can continue to be a cinematic home for film lovers."

Netflix may seem like a strange choice to revive the Paris Theater — streaming services are often blamed for driving down theater attendance — but recent studies show they may be a good fit. Research firm Screen Engine/ASI found that people who watch thirteen or more films on online streaming services in a 12-month span also watch the most movies in theaters, Variety first reported.

In its heyday, the Paris Theater was a favorite for movie premiers. The theater's West 58th Street and Fifth Avenue location made it a neighbor to glamorous New York City institutions such as the Plaza and Bergdorf Goodmans.

The Paris Theater was most recently owned and operated by City Cinemas, which runs a number of independent theaters in the city. City Cinemas suddenly closed its East 86th Street theater in May. Billionaire developer Sheldon Solow owns the Paris Theater's East 58th Street property.