Art, photography, and furniture dealer, Daniel Wolf, and Maya Lin, his award-winning architect wife, are planning to purchase the Yonkers City Jail for $1 million. The couple will turn the rundown, 10,000-square-foot structure into studio, gallery and loft space. The former jail closed in September and was put on the market by the city for $2.5 million.

The space, which will be designed by Lin, will house Wolf’s collection and serve as a base for dealing art as well as holding exhibitions and other public events. Yonkers’ Mayor, Mike Spano, said, “This prime waterfront real estate in the heart of our vibrant downtown area was no place for a jail, but it’s an ideal location for an international art collection like that of Daniel Wolf.”    

A closing is expected in December when the city approves the transaction.