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PHOENIX FALL HOME SPECIALBAM %u2019s Joseph Melillo must create a sensation with his arts budget in Brooklyn using theNext.W ave Festival to draw audiences. (Phoenix/Kirk Photo)one else is willing to do it %u2014 it%u2019s our m a n %u00add a te .%u201dA rtistic philosophy asid e, necessity is the m o th e r of th is design, since BAM%u2019s huge sp a c e s and union c o n tra c ts m a k e it financially im possible to p re se n t anything less th a n a larg e-scale w ork w ith som e hope of d raw in g la rg e audiences.PR O B L E M IS C ITY %u2019SB ut m o st people involved in B rooklyn%u2019s p erfo rm in g a rts , w h eth er or not they a re c ritic a l of BAM, a g re e th a t th e solution to th e re a l e sta te c ru n ch lies in the hands of th e City.%u201c If th e City w an ts to develop a m a rg in a l neighborhood,%u201d sa id D eborah Pope of th e N ew T h e a te r of B rooklyn, %u201c th ey give it d irt ch eap to a r ts organizations. And th a t m e a n sw e%u2019re going to sw eat blood a n d die young so in te n y e a rs th e re %u2019ll be a gold m in e h e re and th e y h a v e n %u2019t spent a cen t on it.%u201dP ope thinks the a n sw er is fo r the City to provide perfo rm an ce-q u ality re a l e sta te a t low cost an d w ith long le a se s to a rts organizations.To d a te , th e C ity%u2019s only action in this direction h a s been th e production of a slim , im pressionistic re p o rt en titled Spaces for th e A rts, com m issioned by th e D ep artm en t of C ultural A ffairs and th e O ffice of B usiness D evelopm ent.N oting th a t the a r ts p u m p $1.3 billion into th e C ity%u2019s econom y e ach y e a r, th e study found th a t %u201c The re a l e sta te p roblem s facing m a n y N ew York City a r ts organizations m a y th re a te n th e continued pre-em inence ofContinued on Page 6Double Your Closet Space AtCLOSET WORLDW ith C loset Maid Shelving &Elfa Basket System sClosets %u2022 KitchensBathroomsFREE DESIGN &CONSULTATION SERVICE67 Clark Street, Brooklyn, N.Y.___________ 330-0465________CENTURY 21KLAHR REALTY isopening doors in yourneighborhood.25 years of vison has made Michael Klahr the driving force in Real Estale development in the Brownslone Neighborhoods of Brooklyn.Rentals %u2022 Co-ops %u2022 Residential %u2022 CommercialB efore you invest m oney in Real Estate,spend a few hours with us.KLAHR, %u2022 41 Schermerhorn St. Ontuijc.(718) 624-6084I n f n j jnT a f e g jFor A ll The N ew s O f W h a t%u2019s H appening In TheBusy N eighborhoods o! B row nstone Brooklyn,You N eed The Phoenix N ew sp ap er Every W eek.R r r t n n k l u n ' e h r/-* *%u00bb%u00bb%u00ab-*%u00ab>%u2666 or* ,r* r * o i n h k o r k o o / 4 c ' o s r \\ h i 10*1 l i i l l h a M iu U t i ISIxo n A im r_ - %u2014 ------------- ..-.jj. ww. W - fc-w *%u2022%u00bb%u2022%u00bb/ \you can be sure to be part of it all with an annual subscription to The Phoenix, thevoice of Brownstone Brooklyn. All the news of the arts, politics and neighborhoodevents delivered right to your mailbox 52 tim es a year. M ake sure you%u2019re part of theaction.USE C O U P O N O N B A C K PA G E O F T H IS S E C TIO NIndependence Leads inLowest Cost No PointsM o rtg a g e sand Co-op LoansADJUSTABLE ANNUAL PERIOD PERIOD PERCENTAGE 1-1/2% CAP* RATE** RATE*** POINTS1 year 7.50% 10.54% N O P O IN T S2 years 8.00% 10.19% N O P O IN T S3 years 8.75% 10.24% N O P O IN T S4 years 9.25% 10.35% N O P O IN T S5 years 9.50% 10.37% N O P O IN T SSPECIAL YEAR-END OFFERADJUSTABLE ANNUALPERIOD PERIOD PERCENTAGE1-1/2% CAP* RATE** RATE*** POINTS1 year 6.50% 10.32% 1%u2022For 25-year loans of $500,000 or less. The rale will not change more than 1-1 2% up or down al each adjustment period.%u2022%u2022This is a below-markel introductory rate for the initial adjustment period. Rates subject to change without prior notice.%u2022%u2022%u2022Annual Percentage Rate based on the current value of the rale index which is subject to change. There is a lifetime rap of H.75% on all adjustable-rate mortgages. Rates apply to owner-occupied residences only.Low-cost, fixed-rate mortgages also available.Our way of lending improves your way of living.Call 1-800-732-3434INDEPENDENCESAVINGS BANKIt%u2019s away of living. Since 1850.BRO O KLYN O F F IC E S : Atlantic Avenue & Court Street %u2022 18th Avenue & 65th Street18th Avenue & 86th Street %u2022 Newkirk Plaza & Foster Avenue %u2022 MANHATTAN O F F IC E :Lexington Avenue & 34th Street %u2022 BRO N X O F F IC E : 1416 East Avenue, ParkchesterQ U EE N S O F F IC E : Bay lerrace Shopping Center, Bayside %u2022 N A SSA U O F F IC E S :Hillside Avpnue, East of Herricks Road, Williston Park %u2022 A&S Shopping Center,Manhasset* S U F F O L K O F F IC E : Walt Whitman ShooDino Center. HuntinatonM em ber F D ICBI986 Independence Savings BankOctober 9, 1985, PH O EN IX, Section II, Page 5