Report: International Center of Photography Spent $29M for Essex Crossing HQ
No sooner had the arts institution sold its Bowery digs (for $25 million) than the contract closed on Essex Crossing. The deal was a swap of sorts, with the former selling to the latter to finance the move. (Taconic Investment Partners is listed as buyer of record.)
According to public records, ICP parted with $29 million for two commercial condos at 242 Broome Street (aka Site 1). Space is quite ample, with 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 now spans 40,000 square-feet of divided between the stout four-story structure and the ground floor of the main residential tower, but connected by a stairwell with the strange name, “soho stairs.”
Meanwhile, the International Center of Photography reportedly pushed back its opening date to January 2020.
[h/t The Real Deal]