All Stars Project to build facility at 543 West 42nd St.In a deal brokered by Helmsley-Spear, the All Stars Project, Inc., a not-for-profit organization that uses the performing arts to promote human development and growth, announced the purchase of a 31,000-SF property at 543 West 42nd St., for $7.75 million. The 2-story (street and basement level) facility, which currently houses theatre television and music video rehearsal and production space, features 150 feet of commercial frontage, the largest such parcel of undeveloped frontage on 42 Street. The All Stars Project -- producers of the All Stars Talent Show Network (a supplemental education program benefiting tens of thousands of young people from New York's inner city communities); the Joseph A. Forgione Development School for Youth (a leadership training program for urban youth) and the Castillo Theatre (an off-off Broadway theatre For other uses of "Broadway", see Broadway. Broadway theatre[1] is the most well known form of professional theatre to the American general public and most lucrative for the performers, technicians and others involved in putting on the shows. ) -- intends to develop the property into a community performing arts center A performing arts center, often abbreviated PAC, is a multi-use performance space that can be adapted for use by various types of the performing arts, including dance, music and theatre. . Plans call for seven mixed-use learning, rehearsal and performance spaces totaling 6,500 SF; two black-box theatres (99 and 110 seats) totaling 9,000 SF; plus offices, common areas, scenic and costume shops and volunteer areas totaling 15,500 SF. It is estimated that the facility, which will cost $11.5 million to complete, will be open in the fall of 2003. "All over the city -- from off-off Broadway to Brooklyn and the Bronx -- young people (and not so young people) are creating theater," said All Stars Project president, Gabrielle L. Kurlander. "We are very excited to be creating a showcase, right at the heart of 42 Street, for some of our communities' best productions. We hope that our new performance center will be a dynamic, creative bridge between our city's neighborhoods and the Great White Way." The $11.5 million center will be financed by $8.25 million in tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. issued by the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Industrial Development Agency (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) on the All Stars Project's behalf, authorized in June of 2002 by Mayor Michael Bloomberg Michael Rubens Bloomberg (born 14 February 1942) is an American businessman, and the founder of Bloomberg L.P., currently serving as the Mayor of New York City. He was a general partner at Salomon Brothers before founding the financial software service company in 1981. . In the last decade, the two-floor property, located at the bottom of a six-story apartment building, has been the site of the Actors Studio Free Theater and Raw Space. From the 1920's though the early 1960's, it was the Armory of the 77th "Statue of Liberty Statue of Liberty great symbolic structure in New York harbor. [Am. Hist.: Jameson, 284] See : America Statue of Liberty perhaps the most famous monument to independence. [Am. Hist.: Jameson, 284] See : Freedom " Division of the U.S. Army Reserve. "We're so gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that in these difficult and uncertain financial times, so many New Yorkers have stepped forward and given generously to the All Stars Project and supported our move to 42 Street," said All Stars Project board member and campaign chair, Ronald J. Lissak. |
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