Denham Wolf sells 134 West 18th St. to Lucille Lortel Theatre - $5.35 million

Manhattan, NY Denham Wolf Real Estate Services secured the purchase of a three-story carriage house in Chelsea which will help support emerging artists, the creation of new theatrical works, and bolster the downtown theatre scene. Located at 134 West 18^th St., the building will act as the Lucille Lortel Theatre’s new headquarters, featuring a fully accessible 61-seat studio theater, a public, collaborative co-working space for artists, and new office space for the theatre company. The fully renovated space is anticipated to be open in 2025.

The purchase will expand the Theatre’s real estate portfolio, having an impact on their financial capacity and security, in addition to helping promote their initiatives in the New York City Off-Broadway theatre community.

For over two decades, Denham Wolf has been a partner of the Theatre and has acted as their project manager and broker, creating stability and enhancing their ability to support new theatre through real estate.

With the desire to increase visibility and to usher in a new chapter through real estate, the Theatre turned to Denham Wolf to help define organizational objectives, conduct a detailed assessment of the market and real estate opportunities, and identify a new space. It was determined that purchasing a new site would best support the Theatre’s mission, and Denham Wolf’s transactions services team structured and negotiated an optimal deal for 134 West 18 St.

Acquiring a property that sets the organization up for long-term financial security was the team’s top priority. With expertise in the arts, nonprofit, and theatre sectors, Denham Wolf has a long track record of balancing stakeholder interest and engaging in forward-thinking real estate planning in a variety of relevant industries.

“An arts organization’s real estate portfolio can be a powerful tool in increasing their influence on the local culture,” said Paul Wolf, co-founder and president Denham Wolf. “We’re proud to have guided the Lucille Lortel Theatre through their purchase of a new multi-functional space that will diversify their portfolio and solidify their position as a bulwark for Off-Broadway theatre. Thanks to Lucille Lortel’s legacy, Off-Broadway theatre has been forever impacted, and this purchase is a great example of how real estate can support the mission of a vitally important organization.”

“We are excited to be able to continue Lucille Lortel’s legacy of supporting New York City artists and theater lovers by expanding our physical presence and programming. With the purchase of this space, theater artists will have a space to dream and create new works, while our growing theatre company and artistic team will spearhead new programs and shepherd new works. This new space expands on Lucille Lortel Theatre’s mission to foster both new and established artists, increase awareness and appreciation of Off-Broadway, and create a larger, more diverse community of theatre makers and audiences,” said George Forbes, executive director of Lucille Lortel Theatre.

“As artistic director for new musical development I am honored to have this opportunity to expand my over ten-year relationship with this legendary organization. I’m proud to continue Lucille Lortel’s legacy of championing artists by providing a vibrant and exciting home for developing new musical theater,” said Michael Heitzman, newly named artistic director for musical development of Lucille Lortel Theatre.

“It is with great pleasure that I am joining Lucille Lortel Theatre as Artistic Director of New Play Development. My passion and commitment to new writing for performance both as an artist and new play champion finds a home in this historic organization. I am looking forward to establishing an artist-centered, climate-conscious program that will nurture theatre-makers and their works for now and the future. During these perilous times, it gives me hope that the Lortel wants to support the kind of artistic dreaming necessary that will help guide us all through and toward the light,” said Caridad Svich, newly named artistic director of new play development.