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Sale of Palace Theatre completed

January 03, 2018 05:18 AM

ALBANY -- The city of Albany no longer owns the Palace Theatre.

The sale and transfer to the nonprofit organization that operates the theater was completed on Friday. It will pay the city $750,000 over 30 years.

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The organization says it will start the first phase of a $30 million campaign to fund major improvements to The Palace.

The board of directors also reached an agreement to extend the partnership with the Albany Symphony Orchestra for another 15 years.

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WNYT Staff

Copyright 2018 - WNYT-TV, LLC A Hubbard Broadcasting Company

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