City seeks developer for Harlem’s Corn Exchange Building

April 11, 2011 11:47AM

The city is soliciting developers to take over the historic Corn Exchange Building at East 125th Street and Park Avenue, the Wall Street Journal reported. The city acquired the building in 1972 and gave it landmark distinction in 1993, only for a fire to destroy the top stories four years later. In 2003, a community activist named Ethel Bates acquired the building with intentions to develop a non-profit culinary school at the site, but she lost backing for the $9 million restoration and the city took back the Corn Exchange Building. Two more stories were destroyed in 2009, when the Department of Buildings found the structure was unstable. Now, the 4,500-square-foot property is up for grabs, and the community wants a say in who ultimately lands the development rights. Potential buyers’ proposals are due April 22. [WSJ]

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