The Real Deal New York

3rd Ward tenants, already out an art space, will see no refunds

October 11, 2013 02:48PM

From left: Jason Goodman, 3rd Ward Brooklyn at 195 Morgan Avenue and 3rd Ward's Philadelphia location at 1227 North 4th Street

From left: Jason Goodman,195 Morgan Avenue, Brooklyn and 1227 North 4th Street, Philadelphia

Bushwick art and design space 3rd Ward, shutting down after seven years as an educational work space, will not be refunding the bucks members plunked down for access to the 30,000-square-foot work space. The company alerted would-be artisans and dozens of subleasing tenants in an email.

“Unfortunately, you will not have an opportunity to use your membership after today at 6 p.m., and we will not be able to refund any payments made for membership services that have not been fully utilized before that time,” the Wednesday email said. “With the costs of running and operating our space, we are sadly no longer able to remain in business.”

Jason Goodman, a founder and chief executive of 3rd Ward, told the New York Times that rapid expansion contributed to the company’s tumble into insurmountable financial troubles.

“We realized that we needed to get ahead of this early in the summer, and we initiated an equity raise at the very beginning of the summer,” Goodman told the Times. “We were unable to bring in fresh capital. It was a roller coaster.”

Goodman, at least, will have his two recently decorated Montauk properties to fall back on.

In response to the grumbling of 3rd Ward pupils and teachers about the late notice concerning refunds, Goodman said the timing was necessary due to having to file certain paperwork.

Even so, Nigel Shamash, a broker at 5CRE who represents the owner, told Gothamist that studio space remains available and deals may be on offer for 3rd Ward members.

“It will never be the 3rd Ward again,” he told Gothamist, “but my goal is that anyone in 3rd Ward who liked the space can continue to work there.” [NYT] [DNAinfo] and [Gothamist]

  • anonymous

    not for nothing, it’s 5CRE and Nigel is the rep, not the owner.

    • LeighKampingCarder

      Thanks, anonymous. We revised the post.

      • Nigel Shamash

        Thanks anonymous. Leigh. I dont own the buildng. Article still says I do. I only represent it, just like I do ≤ 70 other properties….

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