By February 1988, Pfeiffer had placed the Biltmore for sale through auctioneer Properties at Auction at a starting price of $4 million. Morris Gluck bought the theater that month for $5.35 million, and the New York City Board of Estimate ratified the landmark designation that March. The Biltmore continued to deteriorate, and the LPC was unable to contact Pfeiffer about the issue; he remained the owner of record because Gluck had not fulfilled several terms of the sale.
By February 1988, Pfeiffer had put the Biltmore up for sale through auctioneer Properties at Auction at a starting price of $4 million. Morris Gluck purchased the theater that month for $5.35 million, and the New York City Board of Estimate approved the landmark designation in March. The Biltmore continued to deteriorate, and the LPC was unable to contact Pfeiffer about the issue; he remained the owner of record because Gluck had not fulfilled several terms of the sale.