Three Charities Will Pay $1 a Year in Rent — in Manhattan

Under New York’s public-amenity program, three charities will pay just $1 a year — until 2069 — to rent large spaces in Manhattan’s new upscale Riverhouse, a condominium complex, reports The New York Times.

Poets House, Mercy Corps, and a branch of the city’s public library will rent the spaces — which are worth as much as $100 per square foot a year — from the Battery Park City Authority, which owns the land under the buildings and requires developers to include public amenities in their plans. The nonprofit groups do have to raise millions of dollars, however, to turn the unfinished space into usable office space.

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