BAM Breaks Ground on Fisher Building
BAM took another step forward in its ambitious expansion plans on Saturday with groundbreaking ceremonies for the Richard B. Fisher building at 321 Ashland Place. As part of the LPC-approved plans, the existing two-story structure will be preserved and a six-story addition will go up behind it. (Check out a rendering of the project here.)…
BAM took another step forward in its ambitious expansion plans on Saturday with groundbreaking ceremonies for the Richard B. Fisher building at 321 Ashland Place. As part of the LPC-approved plans, the existing two-story structure will be preserved and a six-story addition will go up behind it. (Check out a rendering of the project here.) The new center, which will cost an estimated $45 million to build, will include a 250-seat theater, a 1,400-square-foot rehearsal studio and a theater workshop. The design, by H3 Hardy Collaboration Architecture, also features a “green-design rooftop” and exhibition space in the lobby. BAM has long hoped for an intimate and flexible performance space; one for artistic work of a different nature and scale from what is seen in our two larger theaters,” said BAM Executive Producer Joseph V. Melillo. “It has also been our hope to provide a center for the dynamic BAM arts education programs that serve so many NYC students. This is a significant step forward on both fronts.
LPC Signs Off on New BAM Performing Arts Building [Brownstoner]
Boerum “looking for a fight” Hill:
Not that it’s specifically relevant to your largely accurate assessment of BAM’s finances, but the size of audiences has nothing to do with whether BAM is taking a bath on a particular show. If the production comes “paid for,” say by a foreign government or private donor, it doesn’t matter if the place is full or not. On the other hand, some productions are going to be money-losers even with a sold-out run. That’s the nature of a non-profit…sometimes you do things for the greater good, not just to fill seats.
A positive balance sheet NOW doesn’t mean that taking on more infrastructure/operating costs is a good idea. Many an institution has been taken down by over-optimism…the City is full of ailing orgs that shouldn’t have equated growth with health.
That said…go BAM. As long as Harvey is still nominally in the picture, we can all breathe easy.
I am basing my posts on the public information they are required to publish as a 501(c)3. Audited financial statements and the 990 tax return filed to the IRS. Charity Navigator and Guidestar both rate BAM highly. They consistently sell out performances (everything I have ever attended), and I have direct knowledge they have been running surpluses for more than a decade.
What are you basing your disbelief upon? It’s like you’re slinging mud on the wall without any basis for your statements. Weird.
I don’t believe the article. Do you think someone would admit that they are over-extended and taking on too much debt? Everyone thinks things are peachy until one day things start to unravel and another financial scandal is revealed.
I just worry about this kind of expenditure in today’s financial climate. How could BAM possibly have 23 million in surplus? Are they printing money?
By Minard Lafever on May 10, 2010 4:39 PM
I hope they know what they’re doing financially. This is not a great time for any cultural institution to be expanding.
If they are over leveraged it could be a huge mistake.
…
What’s with the eeyore shtick, ML?
from the article:
“On Saturday, BAM will celebrate the ground-breaking of the Richard B. Fisher Building, a $45 million theater and education facility that is set for completion in 2012—and is almost entirely paid for. BAM is also two years and $175 million into its five-year Next Stage campaign to raise $300 million.”
How did you make the leap from almost entirely paid for to over leveraged?
Charity Navigator – which has given them their highest rating, four stars, several years running – has their financial statements. $23M surplus in the previous fiscal year.
I think they’ll manage the expansion just fine.
Mac & Cheese?
At least three out of the four pic’s beautiful girls are seriously overweight — at their or any age.
Today I saw an obese five or six-year old tumbling up the street with his mother. In one hand was an ice-cream cone and in the other an enormous frap.
Compare the dancers shown above with the high-stepping crowds at the old Renny uptown. They’re twice the size of people back in the day.
We’re killing our children!
I hope they know what they’re doing financially. This is not a great time for any cultural institution to be expanding.
If they are over leveraged it could be a huge mistake.
indeed, and the dance groups were great too. what a windy day it was!!
the best was: the jerk chicken and mac&cheese from one of the vendors, it was off the hook!
the drumline ‘faceoff’ was awesome, too great news about Fisher building is it will offer affordable performance space and training to our friends, families and children