Extra! Extra! Newseum in talks to sell DC digs

The embattled institution has posted annual deficits since 2008

New York Weekend Edition /
Feb.February 10, 2018 09:00 AM

Newseum (Credit from back: David Monack/Pixabay)

The Newseum, a nearly decade-old institution currently based in Washington, D.C., is contemplating making a deal with the biggest asset its got: its building, which was appraised for almost $670 million in 2014.

The museum is officially in talks with the brokerage Eastdil Secured, reported the Washington Post, about selling the 470,000-square-foot mixed-use building, which also contains apartments and a restaurant.

Officially founded in 1997, the Newseum as most know it opened in D.C. in 2008. Since then, the institution has posted annual deficits every year, with the 2016 deficit totaling up to $8.2 million. The Newseum’s main benefactor has a $300 million debt burden, and sales prices aren’t likely to help ease its position; entrance already costs $25 per person, one of the highest ticket prices in a city full of free museums.

“It’s a slow-motion disaster,” said an unnamed person to the Post who is knowledgeable about the Newseum’s finances and internal processes. [WP]Erin Hudson


Related Articles

arrow_forward_ios
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
CRE held up through the pandemic far better than most expected (iStock)
How commercial real estate survived the pandemic
How commercial real estate survived the pandemic
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
arrow_forward_ios

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

Loading...