New York’s nonprofit Van Alen Institute has sold its building, the organization said in a Monday press release. The sale of its property at 30 West 22nd Street in Manhattan closed on November 28.
The organization explained the sale by saying that its offices no longer host exhibitions or a bookstore as they used to, and the institute presumably does not need its prime storefront real estate.
“Our current ground floor space is no longer adequate to support our staff or audiences,” Van Alen said in a statement. “We have been located elsewhere in New York City in the past and intend to purchase a new home in the future.”
The statement went on to say that “a rebalancing of assets was in order to ensure the long-term sustainability of the organization,” after the Flatiron District property’s value had increased faster than expected. The statement also said that the organization was outgrowing its current space and that a buyer had offered to buy the building at a price that exceeded what the Institute would earn from rents.
The organization will remain at its current location for the immediate future while it looks for a new home.
The news comes on the heels of the announcement from David van der Leer that he is stepping down from his role as the organization’s executive director to pursue his own consulting projects. No permanent replacement has yet been announced.