Closer Look at the Pitkin Theater
Today the New York Times looks at the future of the Pitkin Theater, which we’ve covered here as it began construction to be converted to a school. The Times story digs into the financing aspects of the deal. Turns out that the $43.3 million dollar project was funded through something called New Market tax credits,…
Today the New York Times looks at the future of the Pitkin Theater, which we’ve covered here as it began construction to be converted to a school. The Times story digs into the financing aspects of the deal. Turns out that the $43.3 million dollar project was funded through something called New Market tax credits, designed to stimulate development in low-income neighborhoods. (The annual median income within a quarter-mile of the project is $15,700.) In this case, the developer partnered with Goldman Sachs and worked with five investment funds specializing in struggling communities. After a plan to develop low-income housing at the site fell through, Ascend Learning, a charter school from the Bronx, signed a lease instead. 1,100 students will be moving in. There will also be a significant portion of retail space, with residents hoping for higher end businesses like bookstores, specialty food, or sports specialty stores.
Loew’s Pitkin, Former Movie Palace, Gets a New Life [NY Times]
Photo by Chasi Annexy
Those tax credits sound interesting….
What does Bushwick have to do with this thread? This building is in Brownsville.
It’s great to see a wonderful old building like this getting a new life after decades of neglect.
Wouldn’t it be awesome to turn it into…a movie theatre? I don’t fancy Bushwick has too many of those. Ah, I can dream!
Sounds like a great project. It’s about time firms like Goldman Sachs give back. Hope it all works out according to plan.
Having Goldman Sachs as your development partner I’m sure helps smooth out the wrinkles.