After 10 months as a tenant of 287 E. 10th St., the Chelsea-based
Joyce Theater Foundation is now the new owner of the 7-story building, the former Harriman Clubhouse run by the Boys' Club of New York on the NW corner of Avenue A.
The news arrived yesterday via Denham Wolf Real Estate Services, a nonprofit real estate adviser.
Backing up a bit: In August 2019, Crain's first reported that Aaron Sosnick, an East Village resident and founder of the investment fund A.R.T. Advisors LLC, was the new owner of the Harriman Clubhouse. He bought it for $31.725 million and reportedly planned to sell the property, "potentially at a substantial loss," to a nonprofit that would maintain its civic use.
According to Denham Wolf, the unnamed philanthropic foundation that bought the building at market rate sold it to The Joyce for half the amount — $16 million.
Per the press announcement:
The purchase allows The Joyce to expand its programming capabilities and to offer rehearsal, performance, and administrative space at subsidized rates.
The sale is the culmination of a multi-year process initiated by Denham Wolf in which a foundation purchased the site at a market rate solely to resell it for community use at a discounted rate. Denham Wolf believes that other foundations can use the sale of 287 East 10th Street as a model to support nonprofits and their missions.
In addition to the reduced purchase price, the seller provided The Joyce with long-term financing, which allows The Joyce to fundraise for the capital improvements necessary to adapt the building to its new purpose.
And...
The foundation worked with the community following its purchase of the building to create an RFP for nonprofits interested in repurposing the space for community-facing programs.
Priority was given to organizations that would serve the East Village and provide community benefit, whether through education, health care, performing arts, social welfare, advocacy, or beyond.
Nonprofits were asked to demonstrate a stable, long-term financial plan for the project, including opportunities for public use of portions of the building.
While there were many great options for future operators of the space, The Joyce made a compelling argument and demonstrated a feasible plan for securing and updating the space for community use.
The Joyce has announced a capital campaign to support the organization with renovations starting in continuous stages and intends to transform the East Village community center into a cultural hub for artists with an emphasis on dance.
The Joyce has made available a handful of studios at subsidized rates for dance artists, including space specifically for tap and percussive artists. There are also studios open for local dance companies and businesses to hold rehearsals, auditions classes, workshops, and other gallery-arts uses, such as the Deer Gallery.
At the time, Stephen Tosh, BCNY's executive director and CEO, said the sale of the East Village building would allow the organization to start new programs in other neighborhoods needing its services.
The building was pitched for educational purposes and residential conversion. With the prime location and Tompkins Square Park views, there was a heavy sentiment that the building would eventually be converted into high-end condominiums.
E.H. Harriman founded the Boy's Club in 1876. The Harriman Clubhouse on 10th Street and Avenue A opened in 1901.
Previously on EV Grieve:
