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 with a starting price of $4 million. Morris Gluck acquired the theater that month for $5.35 million, and in March, the New York City Board of Estimate officially designated it as a landmark. Nevertheless, the Biltmore continued to deteriorate, and due to LPC's inability to contact Pfeiffer about the issue, he remained the owner of record because Gluck had not fulfilled several terms of the sale.