New York Nonprofit Canal Projects to Shutter
70Oct. 24, 2025
Canal Projects, the cutting-edge nonprofit arts space established by the Korean American community-building organization YS Kim Foundation in a 19th-century cast-iron building at the edge of New York’s Chinatown, has announced that it will close its physical location on May 23, 2026. It will transition to become a grantmaking and funding body, distributing $3 million over a span of three years, beginning in 2026, with money going toward scholarships, fellowships, and exhibitions. Among those slated to receive funding are Ayoung Kim, for her upcoming solo exhibition at MoMA PS1 in New York.
“This next chapter allows us to expand beyond our physical boundaries and showcase the enduring impact of strategic philanthropic support on artists and audiences worldwide,” wrote Joy Wheeler, interim director of Canal Projects and managing director of the YS Kim Foundation, in a press release.
Since its founding, Canal Projects has presented work by Korakrit Arunanondchai, Karimah Ashadu, Alex Gvojic, Seung-taek Lee, Candice Lin, and Sin Wai Kin. Currently on view are “Geumhyung Jeong: Toys, Selected” and “Charlie Perez-Tlatenchi: Triumphant Currents, Auspicious Winds.” Its last exhibition will feature the work of Jakkai Siributr and will run from January 30 through the gallery’s closing date.
“The transition to a new model is mission-driven—to redirect resources into grants and financial support,” a Canal Projects spokesperson told Artnews. “The gallery space was not functioning in the way that Canal Projects needed it to in order to accommodate their programming. The costs of maintaining a building with complex and outdated infrastructure was an important factor in the decision to close the space.”
In closing its brick-and-mortar space, Canal Projects joins a slew of other small and midsize galleries across the US that find themselves reeling amid the art market’s post-Covid contraction, spurred by global uncertainty. San Francisco’s Altman Siegel announced its closure last week, following in the footsteps of Los Angeles’s Blum and LA Louver; New York’s Kasmin, Tilton Gallery, and Venus Over Manhattan; and the New York– and Los Angeles–based Clearing.