A partnership with a financial company and the resolution of a lingering legal battle have put New York’s National Black Theater on stable ground after years of fiscal uncertainty, reports The New York Times.
Baltoro Capital Management will take over the Harlem institution’s 64,000-square-foot building in a deal that will relieve the theater, which faced foreclosure, of more than $10-million in debt. Baltoro has pledged rent-free occupation for the theater, which gained a national reputation for nurturing African-American artists.
The organization also resolved in mediation a long-running dispute with a neighboring restaurant to which the theater’s former business partners promised to sublet space in the building. The theater has accused the ex-partners of mismanagement, which they denied.
“The fight is over,” said Sade Lythcott, the theater’s CEO and the daughter of its late founder, Barbara Ann Teer. “Now the real work begins, to get the muscle weakened by all this litigation strong again.”