Area 405 artist hub near Penn Station purchased by local developer, nonprofit

A Greenmount West building just blocks from Penn Station has been purchased by a local developer and nonprofit who plan to preserve its long-standing status as a hub for the city’s arts community. Area 405 was bought by a partnership consisting of the Central Baltimore Partnership and Baltimore real estate developer Ernst Valery for $3.8 million, the organizations announced Tuesday. The 120-year-old, 71,744-square-foot building was listed for sale last summer and is located at 405-417 E. Oliver St., near Penn Station, which is in the midst of a massive overhaul.