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The Future of the Muste BuildingFall 2007
The Muste Institute is currently facing some tough decisions. A recent survey by an engineer revealed that our threestory building at 339 Lafayette Street requires major structural repairs. The building’s condition is not immediately dangerous, but we have had to put up scaffolding across the facade and it must remain in place until repairs begin. Initial estimates put the cost of basic repairs at $1 million—just to stabilize the building’s exterior, while leaving the interior space in its present condition. The War Resisters League moved to this building in 1969, and in 1974 the Muste Institute was founded in part to buy the building and maintain it as a permanent center for social change organizing. We currently lease out the ground floor storefronts to commercial businesses to help generate enough income so we can operate the building while providing subsidized rent to the activist groups that occupy the upper two floors. It would take an extraordinary fundraising effort—and probably a very long time—to raise an extra $1 million for repairs, on top of what we need to maintain our grantmaking and other programs. The Muste Institute’s Board of Directors is considering several options to ensure the long‑term stability and growth of our programs supporting the nonviolent activist movement: • Selling the building and buying an office loft condominium. Initial inquiries suggest that we would get enough from selling our building to be able to buy an office loft space that could house our own offices, the War Resisters League and other activist groups. We would get upgraded, accessible office and meeting space, and a modest endowment to offset maintenance costs. • Selling off the ground floor as a separate retail condominium and using the proceeds to make the necessary repairs. If we generate enough income from this sale we could also upgrade the existing office spaces. This option would allow us to remain in the building, and would free us from having to act as a commercial landlord for the ground floor stores. We would still be responsible for building maintenance and would probably not end up with any extra money. • Borrowing the money to do the necessary repairs, and providing a long‑term net lease to a commercial company for the ground floor spaces. The lease would allow us to pay off the loan more quickly. We would still be responsible for maintaining the building, but would not have to manage the storefronts. We would retain full ownership of the building. This option won’t leave us with any extra money initially, and we will likely carry a debt for some period after the repairs, but the lease arrangement could eventually contribute to our financial stability. We have been researching all of these options and need to reach a decision soon. We encourage you to renew your commitment to the Muste Institute and help us maintain and expand our programs while we tackle this challenge. Whatever route we take, our first priority is for the Muste Institute to go into the future as a stronger resource in the nonviolent struggle for social justice. If you value all the important organizing that happens here, please send your generous contribution check to the Muste Institute today, or donate online: www.justgive.org/giving/donate.jsp?charityId=4046& We appreciate your support! —Peter Muste, Chairperson, Muste Institute Board of Directors |
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