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Old Town School Tables Sale of Lincoln Park Building

The Old Town School of Folk Music, which reportedly retained Cushman & Wakefield’s Michael Marks this past October to sell its historic building at 909 W. Armitage Ave. in Lincoln Park, has postponed the sale. The school’s board of directors voted to extend the discussion period regarding a possible sale until March 31, 2019.

“We heard from our community that it wants more time to bring forward other possible options to selling 909 W. Armitage,” board chairman Kish Khemani said in a statement. “Perhaps we can find creative solutions through these discussions.”

Sale of the building, which the school has occupied since 1968, was seen as a way to seed Old Town School’s endowment fund. In the near term, the school is facing an operational budget shortfall that requires “immediate action steps,” including a voluntary buyout package for administrative staff and closing the Armitage building’s music store in January 2019.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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