The $11.5-million purchase and renovation of the ground floorand basement space at 543 W. 42nd St., scheduled to open in fall2003, will include seven mixed-use learning, rehearsal andperformance spaces totaling 6,500 sf; and two black-boxtheaters--one seating 99 and the other 110--totaling 9,000 sf.Offices, common areas, scenic and costume shops, and volunteerareas will take up the remaining 15,500 sf. The property, whichfeatures 150 feet of 42nd Street frontage, was purchased from AaronGoodridge. Helmsley-Spear's Joel Nelson and Jeffrey Tuller brokeredthe deal.

Partnering with All Stars are the Joseph A. Forgione DevelopmentSchool for Youth and the Castillo Theatre. The design team is ledby architects Douglas Balder--an All Stars board member--andMarie-Paule Petitjean.

The redevelopment will be financed in part by $8.25 million intax-exempt bonds issued by the New York City Industrial DevelopmentAgency (IDA) on the All Stars Project's behalf, authorized lastJune.

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