Despite a deal with its landlord to slash its rent, popular dance nonprofit Dance New Amsterdam will close its Downtown headquarters at 280 Broadway next month, unless it can raise about $250,000 in donations.
The nonprofit was the first arts organization to move into Lower Manhattan after the Sept. 11 attacks, but was crippled by news last year that Pace University would not lease its space for the university’s dance program. The loss of potential rent income mean that DNA had to file for bankruptcy in May, according to Crain’s.
Since then, DNA has been trying to stir up both financial and political support to keep its doors open. After three years of back-and-forth with its landlord Fram Realty, DNA secured an agreement to reduce its monthly rent from $73,000 to $40,000. But despite the deal, DNA has been unable to make ends meet and is slated to move out Oct. 14.
DNA has between 200 and 999 creditors, and estimates its assets and liabilities to be valued between $1 million and $10 million, according to Crain’s. “It’s so sad this is happening,” DNA executive director Catherine Peila told Crain’s. “This is so tough but it hasn’t been easy for arts organizations these days. Time is not on our side.” [Crain’s] – Hiten Samtani