241 Water Street (source: PropertyShark)
The founders of colorful theater company the Blue Man Group have signed a contract to purchase 241 Water Street, the six-story building that has housed the Seaman’s Church Institute for the past two decades. According to Crain’s, the 33,000-square-foot property will house the Blue School, the troupe’s growing private nursery and elementary school that’s been operating out of temporary East Village spaces since its inception in 2006. The sale price was undisclosed, but when the property hit the market, listing broker Edward Midgley of CB Richard Ellis had told the New York Times that he was hoping for upwards of $13 million. The school, which currently enrolls 150 students in nursery school through second grade, expects to close on the purchase by Dec. 15 and put between $2.5 million and $3.5 million into renovations for the building before it reopens next fall. The space can accommodate up to 320 students. [Crain’s]