In the 1970s and 1980s, his real estate empire was centered on the Show World Center, New York's largest and oldest sex emporium. He was dubbed the porn king of Times Square in press reports. Perhaps his best-known property in Philadelphia was the Forum Theatre, an adult theatre. In early June, 2013, a building controlled by Basciano at 2136 Market Street in Philadelphia collapsed on six people during demolition, killing all of them.
By the mid-1990s, the adult entertainment industry was undergoing rapid change. Efforts by the city to sanitize Times Square compounded the widespread adoption of videotape machines. Operating through STB Investment Group and other firms, Basciano sold his properties as neighborhoods became gentrified.