ALBANY, N.Y. (NEWS10) – The Palace Theatre is no longer owned by the city of Albany.
The theater is now in the hands of a not-for-profit board. The sale was agreed upon early last year. The official hand over was pushed up so that the board could benefit from 2017 historical tax credit bonuses.
The sale relieves the city of having to deal with costly repairs.
The board will pay $25,000 per year to the city of Albany for the next 30 years not including interest.