- Union paid about $3.4 million for headquarters on Lenox Ave.
- New leased HQ near Bryant Park will feature practice court
The union representing National Basketball Association players has signed a contract to sell its Harlem headquarters for $21 million, about six times what the organization paid for the building at Lenox Avenue and 125th Street.
Once the sale is completed next year, the organization will relocate to a 47,000-square-foot facility in midtown Manhattan that includes a practice court, locker room, lounge and training facility, the union said. The facility will also be used to host player programs and agent seminars.
The union bought the Harlem building at 310 Lenox around 2007, at which time its value was listed as $3.4 million in a filing with the U.S. Department of Labor. The union’s 2014 labor filing, or LM-2, said the building was worth $19.7 million.
The union’s new headquarters, which Executive Director Michele Roberts has called a “Players Campus,” will be located at 1133 Avenue of the Americas, between 43rd and 44th Streets and near Bryant Park.
Roberts, a trial lawyer, in 2014 became the first female leader of a major U.S. sports union. She replaced Billy Hunter, a former National Football League player and U.S. attorney who was fired in 2013 following an independent review of union business practices.
Arthur Mirante, an Avison Young broker who represented the union in its sale, said the lease at the new building will last 21 years. The union declined to say how much it’s paying to lease the space.