02-16-18 Tenants in Graffiti
Interesting story out of NYC this week where a building owner has for over a decade been renting space out to tenants for art studios. This eventually grew into allowing the tenants to be able to paint the outside of the building as a canvas. As the quality of the works increased so did the attraction value and with it the property values.
At five stories high and nearly a city block you can imagine the value of replacing the warehouses with the planned high-rise luxury condos. The artists tried to buy the property in order to save the art but as the property sits today it is worth around $200 million!!
Not wanting to wait out a court action to protect the artists the landlord had the buildings whitewashed. The artists were awarded $6.9 million dollars under a Federal law that protects art that has achieved "recognized stature."
So what do you think?
Fair for the artists because they got paid?
Unfair for the building owner because his tenants made off with some payment he wasn't expecting?
A couple of new ways coming to reach out to me for funding. For now though if you have a deal you want to see how to get funded you can do it the old fashion way and give me a call at 833-FUNDYES. If you want to go high tech you could even text me at that number!