NYC artists can benefit from stagnant office market, study suggests

TRD New York /
Oct.October 29, 2010 10:00 AM

The sagging commercial real estate market represents a rare opportunity for local arts organizations to snag office space on the cheap, a new study by the Center for an Urban Future and the Rockefeller Foundation suggests. Jonathan Bowles, the study’s author, told the Wall Street Journal that the city should issue requests for proposals from property owners who would convert vacant real estate into theaters or arts centers. “Building owners can take advantage of the opportunity to put new tenants in their buildings, get tax incentives and low-cost financing from the city, and help address the space issue that’s been a chief threat to the city’s artistic center,” Bowles said, noting that a similar strategy used by the Dinkins administration of the early 1990s resulted in Larry Silverstein’s 120 Wall Street, which went from being a large, mostly-empty office building to a tax-exempt haven for non-profit tenants. Eric Gural, executive managing director at Newmark Knight Frank, also pointed to 520 Eighth Avenue, where the Alliance of Resident Theatres has a 50-year lease at below market-rate that saves its landlord the headaches and costs associated with constantly finding and replacing tenants for the space. [WSJ]

 

Related Articles

arrow_forward_ios
Silverstein Properties' Tal Kerret, Dino Fusco, Marty Burger and 7 WTC (Credit: Joe Woolhead)

Former Goldman exec will be new COO at Silverstein Properties

Former Goldman exec will be new COO at Silverstein Properties
Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

Cuomo rakes in real estate cash — but not from LLCs
Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Institutional investors swarm Silverstein’s new TASE bonds
Larry Silverstein (photo by Max Dworkin)

The Closing: Larry Silverstein

The Closing: Larry Silverstein
Larry Silverstein and the Tel Aviv Stock Exchange Bull (Credit: Getty Images and Wikipedia)

As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering

As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering
How this longtime NYC developer attracts hip tenants to Lower Manhattan

How this longtime NYC developer attracts hip tenants to Lower Manhattan

How this longtime NYC developer attracts hip tenants to Lower Manhattan
VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi

VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi

VIDEO: How Larry Silverstein attracts “hipper” companies to FiDi
The Real Deal publisher Amir Korangy and Larry Silverstein (Credit: Emily Assiran)

Silverstein might build 2 WTC on spec

Silverstein might build 2 WTC on spec
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...