A vacant recording studio on 38th Street has been sold for $20.5 million, despite attempts by a group of music professionals to buy it.
According to public records filed with the city today, Prime Property Fund, an entity related to Morgan Stanley Real Estate Advisors, sold the four-story, 42,800-square-foot property at 509 West 38th Street to ELB Holdings LLC, an entity controlled by principal Eric Birnbaum.
The building, located between 10th and 11th Avenues near the Hudson Yards, previously housed Legacy Recording Studios. The only film-scoring studio on the East Coast, Legacy hosted the making of various motion picture soundtracks and Broadway scores. Legacy was ousted from the building in 2008 after it was sold for $17.57 million to the development firm Twining Properties, which planned to build a condominium on the site, according to Chris Bubacz, the former general manager of Legacy. [more]
