After 41 years of exhibiting art on Leonard Street in New York City, the Clocktower Gallery is being kicked out of its home next month to make room for luxury condos and a posh hotel. Purchased by the Peebles Corporation for $160 million dollars, the massive 400,000 square foot space will see a drastic transformation and the gallery and the radion station that it shares a floor with is seeking a residency in Brooklyn while maintaining an office in Manhattan.

There seems to be a terrible trend going on in New York City right now. Art institutions are being pushed aside so that millionaires can have obnoxious living spaces in cool buildings. 5 Pointz will also be replaced with luxury condos soon and there is no telling how many others will suffer the same fate. Clocktower Gallery has said that they will still offer programming and are not folding, but there will definitely be something lost when the change of address forms are completed.

[via ANIMAL]