The Joyce Theater Foundation has recently acquired a building located at 287 East 10th Street. This acquisition was made possible through the generous support of a philanthropic foundation, who sold the property to The Joyce at a discounted price of $16 million, significantly lower than its market value of $32 million.
Under the guidance and expertise of Paul Wolf from Denham Wolf Real Estate Services, a nonprofit real estate advisor, this acquisition process began with an open Request for Proposals (RFP) targeted towards community groups. These groups were tasked with presenting comprehensive and sustainable plans for utilizing the building as a community-oriented space. This initiative aimed to address one major challenge faced by nonprofits in acquiring real estate – limited resources and time constraints when it comes to purchasing properties at market rates.
In addition to this discounted sale price, The Joyce also received long-term financing from the foundation which will enable them to raise funds for necessary capital improvements needed in repurposing this new building into their operations.
This recent development marks an exciting milestone for The Joyce Theater as they expand their presence downtown without compromising on their mission or financial stability.
