Carnegie Park Apartments
The Related Companies
220 East 94th Street, New York, NY
In April 2014, subsidiaries of The Actors Fund and the Related Companies formed a General Partnership for Carnegie Park Apartments. Completed in 1986, Carnegie Park is a mixed-income residential building located on the Upper East Side of Manhattan with 368 market rate units and 92 affordable Section 8 units. The partnership supports the provision of affordable housing to benefit, among others, performing arts and entertainment professionals. The Actors Fund will provide assistance with outreach and remarketing the building’s affordable units, as well as consult on marketing plans and procedures. The partnership also enabled refinancing and rehabilitation of the building, the renewal of the property’s Housing Assistance Payment contract, and the benefit of a property tax exemption.
250 Ashland Place
The Gotham Organization
The Gotham Organization is developing a new, 586-unit mixed-income residential building scheduled to open in the summer of 2016. The building is in the emerging Downtown Brooklyn Cultural District and will have 117 low-income units (60% AMI) 164 moderate-middle income units (135-165% AMI) and 305 market-rate apartments. A subsidiary of The Actors Fund serves as the nominee title owner for the portion of the project that will include all of the affordable units, consistent with the charitable purpose of providing affordable housing to benefit, among others, performing arts and entertainment professionals. The Gotham Organization hired The Actors Fund to manage the marketing of the low- and moderate-middle income units.
Downtown/Hollywood Arts Center
Los Angeles, California
The Fund continues to evaluate opportunities to create affordable artist housing in the developing areas of downtown Los Angeles in collaboration with Artspace, the City of Los Angeles Department of Cultural Affairs and others. Preliminary research supported by a grant from the National Endowment for the Arts revealed a great demand for affordable artist housing in Los Angeles. Our vision is to develop a mixed-use arts facility that would combine 50 – 60 units of affordable with studio and incubator space for low income artists and their families, creative enterprise start ups, and complementary space for non-profit arts organizations, as well as infrastructure such as parking. Our goal is that the development will be a catalytic initiative that will advance redevelopment objectives while addressing the distinct needs of the city’s diverse arts community. Predevelopment work has been funded by grants from MusiCares and ArtPlace. Artspace and The Actors Fund, in partnership with McCormack Baron Salazar and the architectural firms Morphosis and Killefer Flammang Architects, proposed the Hollywood Arts Center in response to a City of Los Angeles Request for Proposals.