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March 18, 2016

N.Y. Arts Group Could Reap $100 Million in Property Sale

Venerable arts nonprofit the National Academy has decided to sell its longtime home, a pair of Beaux-Arts Manhattan buildings appraised at $107 million in 2012, writes The New York Times. Officials with the group said the landmark properties had become too expensive to maintain and that the sale would allow the organization, an artists' society founded in 1825, to establish an endowment and reinvent itself in a new location.

The academy, which operates a museum and a school, has occupied the Fifth Avenue mansions since 1942. It raised more than $13 million from the controversial sale of two Hudson River School masterpieces from its collection when the academy was buckling under heavy debts, but the proceeds were not enough to shore up its long-term finances. The museum will close in June pending a move to a new site.

Read a Chronicle of Philanthropy article on how hot real-estate markets in several cities are affecting nonprofits that rent or own urban property.