The International Center of Photography has closed on space at 250 Bowery between East Houston and Prince Streets for $23.5 million.
The 11,000-square-foot space will become home to ICP’s museum, currently at 1133 Avenue of the Americas. The new space includes 6,600 square feet on the ground floor and 4,400 square feet on the lower level.
Anthropologie was slated to be on the ground floor, but backed out of its contract in June 2013.
ICP plans to move into the facility this fall.
“ICP is a leader in the contemporary art world,” Jane McVerry, who represented the museum in the transaction, said in prepared remarks. “When it came time to look for a new location for the historic and revered organization, the Bowery—with its eclectic mix of galleries, the New Museum and the Bowery Hotel— was an obvious choice. Once we honed in on a location, opting to acquire a building and make a permanent home for ICP was the right move on both a business and a cultural level.”
The photo institute has hired Skidmore, Owings & Merrill to design the new museum with a minimalist look and a new storefront.
(A version of this article ran on our sister site Commercial Observer.)