The $11.5-million purchase and renovation of the ground floor and basement space at 543 W. 42nd St., scheduled to open in fall 2003, will include seven mixed-use learning, rehearsal and performance spaces totaling 6,500 sf; and two black-box theaters--one seating 99 and the other 110--totaling 9,000 sf. Offices, common areas, scenic and costume shops, and volunteer areas will take up the remaining 15,500 sf. The property, which features 150 feet of 42nd Street frontage, was purchased from Aaron Goodridge. Helmsley-Spear's Joel Nelson and Jeffrey Tuller brokered the deal.
Partnering with All Stars are the Joseph A. Forgione Development School for Youth and the Castillo Theatre. The design team is led by architects Douglas Balder--an All Stars board member--and Marie-Paule Petitjean.
The redevelopment will be financed in part by $8.25 million in tax-exempt bonds issued by the New York City Industrial Development Agency (IDA) on the All Stars Project's behalf, authorized last June.
"We're so gratified that in these difficult and uncertain financial times, so many New Yorkers have stepped forward and given generously to the All Stars Project and supported our move to 42 Street," says All Stars Project board member and campaign chair, Ronald J. Lissak.
Currently, the facility houses theater, television and music video rehearsal and production space. In the last decade, the two-floor property, located at the bottom of a six-story co-op apartment building, has been the site of the Actors Studio Free Theater and Raw Space. From the 1920s though the early 1960s, it was the Armory of the 77th "Statue of Liberty" Division of the US Army Reserve.
Founded in New York City in 1981 by Fulani Fred Newman and, the All Stars Project's programs have expanded to Philadelphia, Newark, NJ and Oakland, CA.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
