The newly opened New 42nd Street Studios in New York provide nonprofit arts companies with discounted rehearsal space, the Associated Press reported June 21.
The 10-story, $29.6 million building rents its studios for commercial use some of the time, then uses the profits to subsidize rents for nonprofits. The New Professional Theatre, for example, rents rehearsal space for $40 an hour, about 25 percent below market rates.
“I couldn’t rent a closet for that,” said founder Sheila Kay Davis, whose actors were using run-down rooms until recently.
The building also has a 199-seat theater that was partly funded by the estate of the late Doris Duke. The theater will house its first public performance in September.
The New 42nd Street Inc. was started by the city and state in 1990 as an independent nonprofit charged with revitalizing seven historic theaters. The organization raises money through commercial tenants and fundraisers.
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