UPDATED: Sep. 6, 7:54 p.m.: A storied recording studio on the Far West Side is selling to Hedge fund manager Pete Muller for close to $20 million, who will lease it out to the Berklee College of Music, sparing it a death by condo conversion.
The former Power Station studio at 441 West 53rd Street, where Bruce Springsteen recorded his “Born in the USA” hit, has been for sale for two years. Chieko Imamura bought the 33,000-square foot property in 1996 and operated it under the name “Avatar.”
The city is contributing $6 million to the property, the New York Post reported. Muller, a Berklee trustee, played a key role in the deal, along with the city’s Economic Development Corporation and the Mayor’s office of media and entertainment.
Another recording studio, the Hit Factory, closed in 2005 and became a 27-story condo tower. [NYP] — Konrad Putzier
Correction: an earlier version of this post incorrectly claimed that Berklee bought the property.