December 4, 2023
Led by Denham Wolf Real Estate Services, this acquisition is a model for how foundations can support nonprofit organizations.
NEW YORK, December 4, 2023 - Today, Denham Wolf is proud to announce the sale of 287 East 10th Street to The Joyce Theater Foundation (The Joyce). The purchase allows The Joyce to expand its programming capabilities and to offer rehearsal, performance, and administrative space at subsidized rates. The sale is the culmination of a multi-year process initiated by Denham Wolf in which a foundation purchased the site at a market rate solely to resell it for community use at a discounted rate. Denham Wolf believes that other foundations can use the sale of 287 East 10th Street as a model to support nonprofits and their missions.
In addition to the reduced purchase price, the seller provided The Joyce with long-term financing which allows The Joyce to fundraise for the capital improvements necessary to adapt the building to its new purpose. The timeline to purchase and renovate a property often conflicts with a nonprofit’s ability to marshal resources. For this reason, community buildings frequently become market-rate housing instead of being retained as a community resource. With its proximity to Tompkins Square Park, the foundation believed the building provided many options for community use. The foundation worked with the community following its purchase of the building to create an RFP for nonprofits interested in repurposing the space for community-facing programs.
Priority was given to organizations that would serve the East Village and provide community benefit, whether through education, healthcare, performing arts, social welfare, advocacy, or beyond. Nonprofits were asked to demonstrate a stable, long-term financial plan for the project, including opportunities for public use of portions of the building.
While there were many great options for future operators of the space, The Joyce made a compelling argument and demonstrated a feasible plan for securing and updating the space for community use. The Joyce has announced a capital campaign to support the organization with renovations starting in continuous stages and intends to transform the East Village community center into a cultural hub for artists with an emphasis on dance.
behalf of The Joyce Theater Foundation and our committed Board of Trustees, I
extend heartfelt gratitude to the dedicated seller and to our partners Denham
Wolf for the unwavering support in realizing our vision of creating more
opportunities for dancers and other New York City artists,” said Linda
Shelton, Executive Director of The Joyce Theater Foundation. “The seller
has been instrumental in helping The Joyce take the next step toward shaping
not just a cultural hub but a vibrant community arts center with almost 60,000
square feet of much-needed studio and performance space, as well as valuable
support spaces for artists all in the heart of the East Village. This is the
start of a transformative journey which exemplifies the power of partnerships in
enriching our shared cultural tapestry.”
Denham Wolf is thrilled to have facilitated The Joyce's expansion into 287 East 10th Street and looks forward to working with other foundations to make real estate opportunities available to nonprofit organizations.
“Congratulations to The Joyce on this amazing milestone as they work toward transforming this facility in the East Village into a center for community and a hub for artists from across New York and beyond,” said Cultural Affairs Commissioner Laurie Cumbo. “The innovative partnership that ensured this building would create a valuable public asset will help our city continue to attract the dancers and performing artists that are so critical to making New York thrive, and we’re proud to invest in The Joyce’s vision for its future.”
“I am pleased to officially welcome The Joyce Theater Foundation to my district,” said Assembly Member Harvey Epstein. “The East Village has a rich history as a cultural and artistic hub and the addition of The Joyce Theater at 287 East 10th Street will be of great benefit to the community.”
“I am pleased to officially welcome the Joyce Theater Foundation to my district,” said Assembly Member Harvey Epstein. “The East Village has a rich history as a cultural and artistic hub and the addition of the Joyce Theater at 287 East 10th Street will be of great benefit to the community.”
“New York City is a beacon of artistic creativity that captivates audiences worldwide. For decades, The Joyce Theater has brought some of the most talented dancers in the world to our doorstep. I am thrilled that the Joyce is expanding its footprint with a space on Avenue A in the East Village, a community rich with cultural heritage and history,” said Council Member Carlina Rivera (D-02).