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Greenwich Village co-op board is moving to foreclose on Charles Cohen's Quad Cinema, a historic arthouse theater he transformed in 2014. The non-judicial foreclosure was initiated due to unpaid rent and expenses totaling $600,000. However, Cohen's team claims the issue is being resolved.

    The Quad Cinema, which boasts multiple screens under one roof, has been a beloved fixture in New York City since its reopening in 2015. Mayor Bill de Blasio even proclaimed that day "Quad Cinema Day." Cohen aimed to create an inviting atmosphere, saying in a 2018 interview, "We try to make the Quad a place you want to go."

    An auction is scheduled for February 18 on the Lower Manhattan courthouse steps, with Matthew Mannion of Mannion Auctions as the auctioneer. The foreclosure was initiated by the co-op entity controlling the building, which must follow Uniform Commercial Code procedures due to its corporate structure.

    This isn't the first time the co-op board has threatened Cohen's lease; a similar dispute arose in 2015 over noise complaints from tenants. In recent years, Cohen's real estate portfolio has faced significant distress, including a $534 million loan default and a massive foreclosure initiated by Fortress Investment Group in March 2024.

    The auction notice lists the base rent of the lease at $22,171 per month, with the winning bidder gaining control of the lease through the purchase of 1,023 shares of common stock. Cohen Brothers Realty Corporation's Chief Operating Officer Steven Cherniak stated that "this matter is being resolved," suggesting a possible resolution to the foreclosure proceedings.