In an economy when many nonprofits are going under water, one will remain afloat, thanks to location, location, location.
Yearlong negotiations between Mid-Hudson Children”™s Museum and the Dyson Foundation ended when Dyson bought the North Water Street property Dec. 20 for $1.4 million. It then entered into a long-term lease with the museum, enabling the family centered nonprofit to maintain its base of operations at its waterfront location. All proceeds from the sale went to retire the Mid-Hudson Children”™s Museum”™s entire mortgage debt on the property.
Leaders from both organizations described the transaction as an innovative partnership that will benefit the museum while helping to secure the stability of the Poughkeepsie waterfront, facing increased development pressures following the success of the Walkway Over the Hudson and new projects slated for the area.
“We believe this partnership is in the best interests of the Mid-Hudson Children”™s Museum, our many members and the nearly 60,000 children and parents enlightened by our work each year,” said Tracy Cass MacKenzie, president of the museum”™s board of directors. “We anticipate continuing operations at the 75 North Water Street property for a long time.”
Edward Glisson, the museum”™s executive director, said the partnership would allow the museum to concentrate on its core strengths.
“This purchase by the Dyson Foundation will enable us to focus on running a museum without the overarching problems of owning and maintaining the building and grounds.”
The Dyson Foundation said it took the step of buying the property ”“ which includes the main two-story building, a parking lot and a waterfront pavilion ”“ in order to both assist the museum with its long-term goals, as well an investment in a strategically important piece of property along the city of Poughkeepsie”™s waterfront.
The Dyson Foundation has already provided significant funding and professional support for the development of the Walkway Over the Hudson, which attracted nearly a million visitors since it opened in October 2009. A new 21-story, high-speed elevator linking the city”™s waterfront to the Walkway will be installed in 2011 on land just to the north of the museum property.
“With the success of the Walkway Over the Hudson State Historic Park and the pending construction of the new waterfront elevator, the foundation decided to make a long-term investment in the Children”™s Museum property,” said Diana Gurieva, executive vice president of the Dyson Foundation. “This purchase is in the best interests of the Children”™s Museum and the city.”
