While many luxury developers are using art to lure wealthy buyers (see previous item), Two Trees Management is using hefty discounts to attract artists.
The Dumbo landlord, which has a history of handing out reduced rent to creative types, is setting up a formal process that artists can use to apply for $12 a square foot, three-year leases—roughly 70 percent below market rents, according to Crain’s.
“We just get so many calls now with people saying, “I hear Two Trees offers discounts. Can you help me out?’ said Lisa Kim, cultural affairs director at Two Trees. “We thought it was time to formalize it.”
The new program will be implemented in half of the 100,000 square feet Two Trees subsidizes for artist tenants. The other half of the space will be set aside for the firm’s long-standing cultural tenants, such as Gallery Smack Melon — which pays no rent – and discounted gallery space.
Tenants have until July to apply for the discounted rent. The application asks the tenants to outline their space needs, mission, and how they benefit the neighborhood. A panel of Two Trees executives will then pick the winners in October.
Currently, Two Trees subsidizes a total of about 30 organizations and artists. [Crian’s] – Christopher Cameron