In the world of mid-market New York City investment sales last week, The Blue Man Group sold its East Village studio and the American Musical and Dramatic Academy bought a Hell’s Kitchen commercial condo.
1.) The Blue Man Group sold its production studio in the East Village to Craftwood Partners for $12 million. The property, at 238-240 East 3rd Street, offers 21,004 buildable square feet. Craftwood plans to demolish the vacant site and build a condominium tower with a mix of two- and three-bedroom units. The Nassimi Group represented the buyer while Cushman and Wakefield represented the seller. The Blue School, a private school founded by members of the Blue Man Group, sold its location at 241 Water Street in Lower Manhattan last December.
2.) Theatrical licensing agency Music Theatre International sold a commercial condo in Hell’s Kitchen to performing arts school American Musical and Dramatic Academy. The unit, located at the HIT Factory building at 421 West 54th Street, was sold for $15.8 million. AMDA’s locations in New York City include its main campus at 211 West 61st Street and its performance space at the Ansonia at 73rd Street and Broadway.