Two Trees Management Company — the New York-based real estate firm behind the plan to develop the Domino Sugar Factory in Williamsburg — has announced details of a cultural space subsidy program in DUMBO. Through the program, artists and arts groups will be able to apply for below market rate rents ($12/foot compared to $40/foot) in Two Trees-owned buildings in the neighborhood. “Artists and groups will be chosen based on their commitment to community engagement and social impact, and their quality of work,” according to the press release.
This new program formalizes existing agreements Two Trees has with 50 arts and cultural groups in DUMBO including St. Ann’s Warehouse, Smack Mellon, and the DUMBO BID. 50,000 square feet will be reserved for those groups while another 50,000 square feet will be opened up to new artists, art galleries, and community groups. Applications are due by July 31.
