Manhattan Theatre Source shutters Greenwich Village stage

The Manhattan Theatre Source in Greenwich Village is closing its doors, reported. The theater, at 177 Macdougal Street, was founded in 2000 and rented out space to emerging theater production artists for stage performances and has been named one of the top five best Off-Off-Broadway theaters. But the board of directors said that despite efforts to save the theater company, a growing budget deficit has forced it to vacate its space.

“Our deficits have grown too high,” said Doug Silver, a member of the Manhattan Theatre Source board of directors, “and the terrible economy has badly hurt small theater companies in New York City, not only the Source itself, but even more significantly the companies that we depend on to rent our theater all year long. These harsh realities have left us no choice but leave our space.”

Sign Up for the undefined Newsletter

Meanwhile, the building itself, which also has three apartments above the two and a half floor theater is on the market along with its neighbors, 175 and 179 MacDougal Street. After a $1 million price drop the portfolio is listed for $11.95 million with a Massey Knakal team led by partner James Nelson.

Manhattan Theater Source will live on as a production entity, BroadwayWorld reported. []