The move coincides with news that film studio A24 has purchased the historic Cherry Lane Theatre in the West Village.

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The new theatre will house a public cooperative working space for artists and office space, in addition to the studio theatre. Lucille Lortel Theatre anticipates that the space will open in 2025. The $5.3 million purchase of the space, which was secured by Denham Wolf Real Estate Services, expands Lucille Lortel’s real estate holdings beyond their recently renovated Christopher Street theatre.

“An arts organization’s real estate portfolio can be a powerful tool in increasing their influence on the local culture,” Paul Wolf, co-founder and president of Denham Wolf, said in a statement. “We’re proud to have guided the Lucille Lortel Theatre through their purchase of a new, multi-functional space that will diversify their portfolio and solidify their position as a bulwark for Off-Broadway theatre.”

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