The Joyce Theater Buys New Downtown Building at 50% Discount – Connect CRE

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The Joyce Theater Foundation has acquired a building at 287 East 10th Street. A philanthropic foundation initially purchased the building at market rate for $32 million, subsequently selling it to The Joyce at a significant discount of $16 million. 

Led by Paul Wolf from Denham Wolf Real Estate Services, a nonprofit real estate advisor, this extensive process initiated with the creation of a Request for Proposals (RFP) directed at community groups. These groups were tasked with presenting comprehensive, long-term plans outlining the building’s intended community-oriented use. The aim was to overcome a significant obstacle faced by nonprofits in accessing real estate: the challenge of swiftly mobilizing resources to acquire market-rate properties.  

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Additionally, the foundation extended long-term financing to The Joyce, enabling them to secure funds through fundraising efforts for essential capital improvements required to repurpose the building. 

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