The Real Deal New York

Affiliate of arts nonprofit asking $40M for Soho HQ

T.F. Chen Cultural Center has been at 250 Lafayette St. for nearly two decades
By Mark Maurer | February 02, 2015 11:15AM

UPDATED, Feb. 5, 3:03 p.m.: The Chen Foundation — a landlord affiliated with the T.F. Chen Cultural Center, a nonprofit that promotes arts education — has put a six-story Soho mixed-use building on the market for $40 million, The Real Deal has learned.

Lucia Chen of the Chen Foundation has owned the 20,000-square-foot, block-through structure at 250 Lafayette Street, Also Known As 89 Crosby Street, for nearly 20 years, records show. The cultural center leases space there.

The property features four floors of office space. There is also a second-floor art gallery or showroom space, a ground-floor retail space housing the bike shop Bicycle Habitat, and a three-bedroom, 1,200-square-foot penthouse apartment. The building is located in Soho’s Cast Iron Historic District.

Eastern Consolidated’s Peter Carillo and Jonathan Schwartz are marketing the property. Both brokers declined to comment. A representative for Chen could not be reached.

GreenOak Real Estate acquired an adjacent six-story building at 252 Lafayette Street, or 91 Crosby Street, for $25 million in December, as TRD reported.