The Joyce Theater Foundation announced today that it is selling one of its theaters and buying the other. The proceeds from the $27.25 million sale of the Joyce SoHo, a 74-seat blackbox on Mercer Street, will be used to purchase the Joyce’s more high-profile, 472-seat dance venue in Chelsea for $20 million. Along with existing funds, the money will also go toward relocating the studio/performance space currently housed in SoHo or constructing a new, comparable facility elsewhere in New York City.

The Joyce has been renting its Chelsea theater at a nominal fee ($1 a year) from Eliot Feld’s Ballet Tech Foundation since 1980, but with the lease set to expire in 2016, its future in that neighborhood looked uncertain. With its home secured, the Joyce will continue its wide range of international dance programming and upgrade behind-the-scenes facilities, while going forward with its plans for the construction of a 1000-seat performing arts venue at the World Trade Center site.

On Feld’s end, the sale will help to support Ballet Tech’s arts in education programs, including the expansion of his NYC Public School for Dance. Full the full news release, click here.