International Center of Photography Sells its Bowery Space for $25M
The International Center of Photography just unloaded its Bowery asset. After all, a permanent stay at Essex Crossing is on the horizon.
The museum last week sold its retail condo unit at 250 Bowery for $25 million, barely above the price paid for the commercial real estate four years ago. Taconic Investment Partners is the buyer of record, which also happens to be one of the major developers of Essex Crossing.
As previously noted, the museum purchased a pair of commercial condo units at 242 Broome Street (aka Site 1). The new digs offer enough real estate to combine both the museum and school, which had been separated when the former moved to 250 Bowery in 2016. Their footprint spans 40,000 square-feet of space divided between the stout four-story structure and the ground floor of the main residential tower, but connected by a set of so-called “soho stairs.”
The new facility should open sometime later this year.