We are pleased to announce that today, AGMA finalized the purchase of its new headquarters.
Our new office, located at 305 7th Avenue, will be state-of-the-art, and capable of hosting bargaining sessions, trainings, and other functions of the union. Once it is safe to come together again, we hope that you, our members, come to view this as a place where you can meet, organize, and celebrate with one another.
We would like to recap the financial benefit to our members. First, our monthly and annual operating costs for office space have been greatly reduced, as monthly expenses are now far less than what AGMA was paying in rent at our old location. Second, we plan to sublet a portion of the space to another tenant. This rental income will subsidize our monthly costs.
As we shared last week, negotiations for office space began last year. After the pandemic hit, we reassessed our needs and with the authority of our Board, we reduced our footprint, thereby reducing our purchase price by over $2 million. The details of the full financial transaction will be reported on publicly available forms filed with the Department of Labor. Owning this asset is an investment in both the future of AGMA and our members. We maintain confidence in the future of our Artists, New York City’s fortitude, and the perseverance of our cultural institutions around the country.
AGMA leadership and staff have been working nonstop, seven days a week, since the beginning of the COVID-19 crisis to assist and support our members. We remain in simultaneous discussions and bargaining with managements of our 65 companies throughout the country. From March to present day, we successfully negotiated with most of our companies to provide partial or full payments for productions that were canceled or postponed and to preserve health care benefits where provided under the CBA.
We are doing everything in our power to keep you safe, healthy, and supported while making sure our companies survive so that you can grace their stages once again. We will continue to advocate for our members, and we look forward to the day you can all safely return to your passions.
Len Egert, National Executive Director
Ray Menard, AGMA President