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.
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