Ever since November, the Blue School?the East Village school founded by members of the Blue Man Group?has been in contract for the building at 241 Water Street from the 176-year-old Seamen's Church Institute. Neither party has had the best luck with real estate deals: the institute failed to find the rich hedge-funder they first hoped would go for the building and its yacht parking spot, and the Blue School has lost out on other deals for new space. This time, though, the sale has closed. According to a deed filed today, the property changed hands for $15.1 million. Which is actually more than the institute was looking for from its mythical hedge fund manager. So why'd the Blue School pay extra? Well, the lease on its current space is expiring, and at a school where "imagination stations" and "glow time" are part of the curriculum and teachers sometimes turn classrooms into rainforests, the real estate needs are probably pretty specific.
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