A year after purchasing their iconic Rivington Street home from the city for $1, arts-group-collective ABC No Rio is probably going to tear the building down. Seems that a plan for a massive gut renovation of the building, built in 1917, would cost just about the same as a complete teardown and rebuild ($1.65 million versus $1.85 million). They've raised about $400,000 of the funds they'll need for the work, but they want to tear this baby down now; "I hope we can begin soon, because the cost of construction in the city rises all the time about 1 percent a month," says ABC No Rio's executive director. If you're feeling flush this morning, kick them some pennies from Paypal.
· ABC No Rio Will Likely Rebuild Instead of Rehab [The Villager]
· ABC No Rio Finally Buys Its Building [Curbed]