Two Trees to Lease Cultural Space Below Market in Dumbo
Jennifer Henderson June 16, 2014, 2:50 p.m.
Two Trees Management Company has announced its Dumbo Cultural Space Subsidy Program, offering below market commercial rents to groups and artists with evidenced commitment to community engagement and social impact, according to a recent statement.
The new program will use an application process to secure tenants for a total of 50,000 square feet of commercial office and studio spaces between 700 and 4,000 square feet each. Leases for selected tenants will run three years with rent at $12 per square foot, significantly lower than the over $40 per square foot market rent for buildings in which subsidy program space is located.
Two Trees currently leases 100,000 square feet of below market commercial space in the area to 50 arts and culture focused organizations and professionals. Half of that space will remain rented by art galleries and community staples, including St. Ann’s Warehouse, Smack Mellon and the Dumbo BID, according to a statement. The other half of the space will be rented through the Subsidy Program, with the application process open to current tenants with expiring leases as well as new tenants.
“As Dumbo’s popularity—and the city’s commercial rents—rise, it has been impossible to keep up with the huge demand for affordable space. I am thrilled that we [Two Trees] are launching a program that creates a formal application process that will open Dubmo up to a wider group of arts and culture tenants, and make the neighborhood more competitive in our city’s art scene,” said Lisa Kim, the cultural affairs director at Two Trees, in a prepared statement.
Open to 501c3 non-profit organizations, focusing on arts, education and community, as well as other groups and professional artists meeting the criteria, according to a statement, program applications are due by July 31, 2014. Leases for selected tenants will begin February 1, 2015, according to Two Tree’s official site.
In addition to below market rents, space leased through the Subsidy Program will include access to freight elevators, conference rooms and high-speed Internet, according to a statement.