Museum leaves Esprit its Soho condo space

Real Estate Weekly, Dec 1, 2004

The New Museum of Contemporary Art recently closed on the sale of its museum facility in Soho to a group of investors led by Mark S. Blau, Stephen J. Berini and Louis Ceruzzi, Jr.

The Museum will be relocating to a new building it is constructing on the Bowery. The art institution was led by Saul Dennison, William Palmer and Lisa Roumell and was represented by partner Richard R. Kalikow and associates Michael J. Barker and Christopher W. Stuart, of Skadden, Arps, Slate, Meagher & Flom LLP. The purchaser was represented by Thomas D. Kearns and David J. Weisz, of Olshan Grundman Frome Rosenzweig & Wolosky LLP. The Museum's condominium unit is being converted to retail use.

The space has been leased to Esprit. Mitchell B. Stern and Midge J. Nutman, of Gursky & Partners, LLP, represented Esprit in the transaction, which took almost two years and involved a complete revamping of the condominium declaration for building, a separation of the Museum's condominium unit into three separate units, numerous regulatory approvals and the coordination of a complex closing.

North Fork Bank and Signature Bank financed the purchase.