I remember Theatre 80 St. Marks as a film revival house in the 1970s. Back then, there weren't that many non-profit theater companies in New York City. Now there are dozens. So I don't think the comparison with London is apt. That said, sorry to see any old theater go.
The sidewalk has the imprints of movie stars that attended performances there. On the order of L.A.'s Chinese theatre. It is a small theatre that should be saved. There is a history to the place in the East village.
