Whitestone Cinemas to become mall

From Jeremiah's Vanishing New York:

The Whitestone multiplex cinema has shuttered after 30 years in business. It was purchased for $30 million last year by real estate development company the Lightstone Group, who will be turning the site into New York City's first outlet mall.

The Lightstone Group is best known these days for its massive luxury development of Gowanus, but they have developed a number of outlet malls--full of typical mall chain stores. The one at Whitestone will be a chain itself--in the Paragon Outlets chain of outlets--and will "feature an open-air racetrack design and showcase over 100 global brands."

Whitestone Cinemas opened in 1983, when its owner, media magnate Sumner Redstone, decided that an indoor cinema, with lots of screens, would be more lucrative than his father's old drive-in. Mr. Redstone credits himself with inventing the word "multiplex," which he trademarked it in 1973.