New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
The Joyce Theater Buys New Downtown Building at 50% Discount
The Joyce Theater Foundation has acquired a building at 287 East 10th Street. A philanthropic foundation initially purchased the building at market rate for $32 million, subsequently selling it to The Joyce at a significant discount of $16 million.
Led by Paul Wolf from Denham Wolf Real Estate Services, a nonprofit real estate advisor, this extensive process initiated with the creation of a Request for Proposals (RFP) directed at community groups. These groups were tasked with presenting comprehensive, long-term plans outlining the building’s intended community-oriented use. The aim was to overcome a significant obstacle faced by nonprofits in accessing real estate: the challenge of swiftly mobilizing resources to acquire market-rate properties.
Additionally, the foundation extended long-term financing to The Joyce, enabling them to secure funds through fundraising efforts for essential capital improvements required to repurpose the building.
- ◦Financing
