Report: International Center of Photography to Pay $23M for 250 Bowery Digs
This image has been archived or removed.
Earlier this month we exclusively broke word that the International Center of Photography had chosen the ground level of 250 Bowery for its new home. For the last two decades (half its lifespan), the institution operated rent-free at the corner of 43rd and Sixth Avenue. News broke earlier this fall that a move to the Bowery was currently in the works, no doubt a brand reinvention in associating with “downtown cool.”
The Real Deal followed up our original story yesterday, reporting that the institution is currently in contract to purchase the commercial condo at 250 Bowery for $23 million.
“Relocating the museum facility to an owned site will improve the institution’s balance sheet, increase the sense of institutional stability and help attract additional major support,” the center wrote in an application to Build NYC, a local development corporation that provides access to tax-exempt bond financing for city economic-development initiatives. “In addition, this move to the Lower East Side is expected to resonate with the ICP’s audience and increase repeat visitation.”
Seller of record is Principal Financial Group, which paid $15.4 million last year to David Edelstein for an 85% stake in the commercial condo. Edelstein’s Tristar Capital had laid out $15.98 million the year before.
The ICP expects to close the deal in a few weeks and open its doors in September, as we first reported. The new 11,000 square-foot space will be designed by Skidmore, Owings & Merrill.