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Another Historic Greenwich Village Institution Up for Sale

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Is every historic Greenwich Village hospital, school, and theater for sale? It's certainly starting to feel that way. About to join Sullivan Street's Philip Coltoff Center and the eight core St. Vincent's buildings on the market is the 38 Commerce Street property belonging to the Cherry Lane Theater. The nonprofit, which has been around since 1924, has a $250,000 budget deficit, the Times reports, and a decline in ticket sales and foundation grants means it will be impossible to make up the difference, so the theater's artistic director is stepping down and putting the building up for sale. The asking price for the property, which the director purchased for $1.7 million in 1996 and spent $3 million renovating, will probably be around $12 million. A partial townhouse conversion here could give the "home theater" amenity a whole new meaning.
· Cherry Lane Theater Artistic Director to Leave and Sell Building [NYT]