Williamsburg’s 3rd Ward has suddenly shut down
The Brooklyn arts organization and studio space abruptly closed its doors, allegedly due to a cash deficit.
Wed Oct 9 2013
Time Out, Photograph: David Rosenzweig
Well, this is a shock: Beloved art space 3rd Ward is no longer. The Observer reported today that the East Williamsburg arts space abruptly shut down last night, with rumors flying about whether members would be reimbursed or even be able to get their materials back. The organization, a vital hub for Brooklyn's artistic community, was seeking investors willing to contribute $5,000 (or more) to stay afloat via Fundrise.
The fund-raising website lists three factors for 3rd Ward's cash deficit: "1. Our revenue at the Brooklyn location fell as a result of a change we made to one of our membership products earlier this year; 2. The new location in Philadelphia is requiring more capital than expected to achieve profitability or reach cash-flow break-even; and 3. The development of the Culinary project required advance spending."
According to Free Williamsburg, 3rd Ward's adjoining restaurant, Fitzcarraldo, is to stay open. The company's locations in Brooklyn and Philadelphia could not be reached for comment; we'll keep you posted as we get more news.
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