NYC artists can benefit from stagnant office market, study suggests

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
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Mayor Eric Adams and Governor Kathy Hochul with Innovation QNS (Getty, Innovation QNS)
Will Innovation QNS happen without 421a?
Will Innovation QNS happen without 421a?
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria deal
From left: BedRock’s Chuck Berman and Tracey Appelbaum, Kaufman Astoria Studios' Hal Rosenbluth, and Larry Silverstein with Innovation QNS
Silverstein, Council strike deal on Queens megaproject
Silverstein, Council strike deal on Queens megaproject
Silverstein Properties' Larry Silverstein, BedRock Real Estate Partners’ Tracey Appelbaum, City Council member Julie Won and a rendering of Innovation QNS (Getty, Innovation QNS, BedRock, NY City Council)
New twist in $2B drama between Silverstein, City Council
New twist in $2B drama between Silverstein, City Council
Larry Silverstein in front of 7 World Trade Center (Getty Images, Francis Dzikowski, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Silverstein refis 7 World Trade with $458M in green bonds
Silverstein refis 7 World Trade with $458M in green bonds
Extell’s Gary Barnett with 77 West 66th Street (Extell, iStock, Pocketsights, Illustration by Shea Monahan for the Real Deal)
Barnett lands $900M for Disney UWS campus
Barnett lands $900M for Disney UWS campus
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
arrow_forward_ios

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

Loading...