Famed Far West Side recording studio escapes death by condo

Berklee school backer pays $20M property

New York /
Sep.September 06, 2017 11:00 AM

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.


Related Articles

arrow_forward_ios
From left: Colony Hills’ Glenn Hanson and Rosewood’s Jonathan Brody with The Royce at Trumbull (Getty, Royce at Trumbull, LinkedIn, Rosewood)
Investors sell Trumbull apartments for 23% markup from last year
Investors sell Trumbull apartments for 23% markup from last year
Street Partnership's Dan Biederman with Herald Square
“We’re not alarmed:” Herald Square retail in reverse
“We’re not alarmed:” Herald Square retail in reverse
Mayor Eric Adams and 700 Eighth Avenue (Google Maps, LoopNet)
Midtown’s Row hotel to house up to 600 migrant families
Midtown’s Row hotel to house up to 600 migrant families
Hoboken City Council's Michael Russo with 308 Willow Avenue (Google Maps, Hoboken, Getty)
Hoboken hospital eyed for eminent domain
Hoboken hospital eyed for eminent domain
From left: Jean-Georges Vongerichten and L&L Holding Company chairman David Levinson in 425 Park Avenue (Getty Images, L&L Holding Company, 425ParkAve.com)
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
Arlington Village at 3100-3124 Atlantic Avenue in East New York, Brooklyn (Google Maps, Getty)
Developing in downtrodden areas gets dicey
Developing in downtrodden areas gets dicey
Larry Silverstein with 120 Broadway
Housing agency nabs two floors at Silverstein’s 120 Broadway
Housing agency nabs two floors at Silverstein’s 120 Broadway
From left: Adam Neumann and Marc Andreessen (Getty Images)
Adam Neumann raises $350M from a16Z for multifamily venture
Adam Neumann raises $350M from a16Z for multifamily venture
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...