The building that houses the Knitting Factory music venue, 74 Leonard Street, is up for sale. Nearly a third of the 27,000-square-foot building is taken up by the venue, which has leased space at the location since 1994.

The venue and 74 Leonard's 18 decontrolled residential loft apartments will be included in the sale, which is expected to fetch between $15 and $16 million, according to Adelaide Polsinelli, senior executive broker at Besen & Associates, which is marketing the property.

The Knitting Factory will continue to operate at 74 Leonard Street through its 2009 lease, but there has been no decision as to the future of the venue.

"If the buyers will want to continue having them there, and they want to stay after an increase in rent, hopefully it will work out for everyone," Polsinelli said.

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