New York State Council on the Arts Inks 13K on Park Avenue
The 168,000-square-foot office building at 300 Park Avenue South managed by Rockrose Development Corp. will be the new home for the New York State Council on the Arts.
The organization will move from its offices on 175 Varick Street to a 13,487-square-foot unit in 300 Park Avenue South, those familiar with the deal said.
“Our building has become a world-class hub for arts and cultural organizations,” Henry Elghanayan, Rockrose chairman and chief executive, said in a statement released last week.
The New York State Council on the Arts, an organization dedicated to supporting and preserving New York State’s cultural and artistic heritage, will join the Whitney Museum, Wilhelmina Models and Rizzoli International Publications as tenants inside 300 Park Avenue South.
Andrew Peretz, John Peters and Mikael Nahmias of Cushman & Wakefield negotiated on the behalf of the building owner. Craig Deitelzweig, head of Rockrose’s office division, represented the landlord in-house.
Mr. Deitelzweig noted the building did not initially target art and creative tenants.
Once the Whitney leased out the top two floors in the building in 2010, other arts-minded tenants flocked to the building. The great lighting, high ceiling, arched windows and emphasis on little details “really resonates with these types of groups,” said Mr. Deitelzweig.
Established in 1960, the Council has been a key player in preserving New York State’s cultural and artistic heritage by providing over 2,500 grants for the community. Over the past 12 years, the council has provided over $235 million dollars in grants—none of which are below $2,500 dollars—to organizations in Manhattan.
This lease signing comes amid reports that state funding in the arts has been on the wain in recent years. The State Cultural of the Arts’ budget was set at $31.6 million this year, still $4 million less than where that budget stood in 1985.