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Noguchi Museum
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BUSINESS NEED
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The Isamu Noguchi Foundation, Inc. (“Noguchi”) is dedicated to maintaining and promoting the artistic legacy of 20th century modernist sculptor Isamu Noguchi (1904-1988). It operates a museum garden, and manages the extensive collection of works by Noguchi. The Foundation’s facility is housed in an eighty-year old 15,000 square foot structure that is rapidly deteriorating, situated on a 25,000 square foot triangular lot.
Noguchi sought NYCIDA assistance for the costs associated with the renovation of the facility located at 32-27, 32-55, and 32-61 Vernon Boulevard, Long Island City, Queens. The renovation will make the facility accessible to the physically impaired and will expand its usable space to enhance the presentation of the artwork. After completing the renovation, Noguchi plans on hiring 2 additional employees.
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SOLUTION
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NYCIDA issued $9 million in bonds to assist Noguchi in the refinancing and renovation of its new space. The total project cost was approximately $12 million, including renovation costs of $9 million, design and other fees of $2.7 million, and contingency of $500,000. The remaining costs were paid for with a grant from the New York City Department of Cultural Affairs. NYCIDA also waived the 2.75 percent mortgage recording tax, saving Noguchi approximately $247,500.
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