HB Studio Sold Its Historic Bank Street Complex
The nonprofit acting school plans to move after sixty-seven years in Greenwich Village.
Updated on Oct. 13, 2026 in Commercial
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HB Studio has entered an agreement to sell its three-building complex on Bank Street in Manhattan for more than $10 million. The nonprofit institution, founded in 1945, will continue to hold classes at the location until next summer.
Why it matters
The sale follows financial struggles for the long-standing school, which has anchored the local creative community since 1959. This transition marks the end of a multi-generational era for the historic property in Greenwich Village.
The sale of the three-building complex, pending state approval, exceeds a $10 million valuation. The 120 Bank Street building, originally constructed in 1836, served as the studio's base for 67 years.
The players
HB Studio
A long-standing nonprofit acting school and performance space known for its role in the Greenwich Village arts scene.
Herbert Berghof
The Austrian-born actor and director who founded the studio in 1945 after fleeing the Nazis in 1938.
Uta Hagen
The legendary stage actress and educator who co-founded the studio and became a central figure in American acting pedagogy.
The details
The facility became a unique creative hub after students and supporters personally performed labor to convert the property, including hanging drywall, spackling, scraping, and painting. These renovations were completed by cohorts of up to 50 students working in shifts to transform the historic structure into functional studio space.
Timeline
1836: The 120 Bank Street building was constructed.
1945: Herbert Berghof and Uta Hagen founded HB Studio.
1959: The studio established its permanent Bank Street home.
Summer 2027: Educational programs will end at the Bank Street site.
The Home Front
The sale reflects broader trends in Manhattan where legacy cultural anchors face mounting pressure from the commercial real estate market. This transition follows the established pattern of historic artistic spaces moving as operating costs outpace the capacity of independent nonprofits.
Students and faculty should plan for the final academic sessions to continue at the current Bank Street location through summer 2027. Interested parties should monitor official announcements from the school regarding the exact timeline for its move to a new Manhattan location.
The takeaway
The closure of the Bank Street facility concludes nearly seven decades of history for an iconic local institution. Supporters can continue to support the studio's educational programming through its final semester in the current space before its transition to a new location in 2027.
Further reading
For more information on market shifts affecting local institutions, visit New York City Commercial.
Source note: This article includes information reported by The New York Times.
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