America's oldest artist building
By 1974 ownership shares had passed to heirs, the studios were not being maintained, and they owed nearly $200,000 in back taxes. The "Artists for the Preservation of the Fenway Studios" was formed to save the studios, and in 1981 a mortgage paid for back taxes and building improvements. In 1982, after renovations were completed, the studios were converted into an early limited-equity cooperative. In 1998 façade structural issues were discovered, requiring emergency repairs costing $1.6 million, which required additional fund raising through the Friends of Fenway Studios. As of 2007, the studios are currently home to 25 artists working in a wide range of media. Today there are 46 artists living and/or working in the building.
