Cooper's most valuable asset is a gift from Peter Cooper's family -- the land under the Chrysler Building. With 1,000 students and a $57 million budget, Cooper currently receives $7 million annually in ground rent from the iconic Art Deco skyscraper. And under an unusual arrangement with roots in the school's original charter, the holder of the Chrysler lease is assessed city real-estate taxes -- but that money, currently $12 million annually, goes to the school. Over the decades, New York City has challenged the arrangement, but Cooper has prevailed in court.
Formed in 1980 after an art show on gentrification, ABC No Rio endured attempts by the Giuliani administration to evict it from its city-owned building on Rivington Street in the 1990s. So when the Department of Housing Preservation and Development decided in 2006 to turn the building over to the collective in exchange for $1 and an agreement that the group would make badly needed repairs, many saw the deal as a crucial step for the survival of a beloved local landmark.
Soon after the transfer, however, an architect determined that the building was beyond repair and would have to be replaced. The budget for the project soared to $2.4 million, from $700,000. And then fund-raising — never easy for a small organization run mainly by volunteers — became even more difficult as the economy declined. Housing officials became concerned that renovations did not begin as quickly as expected; others questioned the group’s ability to finance the expensive task of a new structure.
But much of the uncertainty vanished last week when the Manhattan borough president, Scott M. Stringer, and City Councilman Alan J. Gerson allocated $1.65 million for a new building.
Mr. Stringer arranged for a capital grant of $750,000, citing ABC No Rio’s resilience and cultural value.
