The club formerly known as the Limelight, and a staple of New York’s legendary nightclub scene, has put up its For Sale sign.

Since the 1990s, infamous club promoter Michael Alig helped make the Limelight an indelible part of New York nightlife, and was even the subject of the film Party Monster, starring Macaulay Culkin.

Alig is currently serving time for the drug-fueled murder of one of Limelight’s former workers.

Located in an old, converted church at 47 W. 20th St. (at 6th Avenue) in, roughly, the Chelsea neighborhood of Manhattan, the club has endured a near-constant closure and re-opening cycle but has maintained its allure for some of the city’s wildest parties … well, at least until recently.

According to Jossip, the current owner is asking for a stunning $60 million for the building, having raised the price from a still eye-popping $40 million.

It’s also a surprisingly high price for a venue whose history is steeped in such tragedy, mischief, drug charges, and various vaguely illicit activities.

At least property prices aren’t down everywhere …

By Matthew Calcara for PeterGreenberg.com.

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