Two Trees announces DUMBO Cultural Space Subsidy Program
Two Trees Management Co. on Monday announced the launch of the Cultural Space Subsidy Program, a new program to open below-market space in DUMBO to a wide group of arts and culture tenants. For more than 30 years, arts, culture and non-profit organizations and professionals have found a home in DUMBO thanks to greatly reduced or free rent in Two Trees buildings. As the neighborhood grew in desirability, Two Trees’ commitment to supporting these groups did not waver, with roughly 10 percent of its commercial space in DUMBO provided at below market rates.
The new Cultural Space Subsidy Program will formalize and bring transparency to the process. Artists and groups will be chosen based on their commitment to community engagement and social impact, and their quality of work. Through the program, Two Trees will maintain the amount of space — 100,000 square feet — it provides at below market rents with half reserved for art galleries and long-term community groups and half made available through this new program.
“Two Trees is committed to cultivating a vibrant community in DUMBO, and the arts and culture are part of the neighborhood’s fabric,” said Lisa Kim, cultural affairs director at Two Trees. “As DUMBO’s popularity — and the city’s commercial rents — rise, it has been impossible to keep up with the huge demand for affordable space. I am thrilled that we are launching a program that creates a formal application process that will open DUMBO up to a wider group of arts and culture tenants, and make the neighborhood more competitive in our city’s art scene.”
