"We're incredibly proud to add Caroline to our list of fellows we've supported," said Jones and Richelli in a statement. "She has a broad theatrical imagination, and we look forward to supporting her work on several different plays this year."

In addition to the monetary prize — the largest amount in the prize's 10-year history — McGraw will also receive a year of artistic and professional development support.

Page 73 received 330 applications for its development programs this year — the most in its history. In addition to McGraw, the finalists for the fellowship were George Brant, Meghan Deans, Nick Gandiello, David Jenkins, Meghan Kennedy, Kait Kerrigan and EM Lewis.

This year, Page 73 Productions celebrates 15 seasons of supporting early-career playwrights and 10 seasons offering its cornerstone program, the P73 Playwriting Fellowship.

McGraw will work on several projects this year, including Believeland, about a young playwright encountering her hometown of Cleveland and the beat poet d.a. levy; and a yet-to-be-titled play that follows a group of writers at a women's magazine as they grapple with sex, death and the disappointments of the material world. McGraw will also join the 2013 Interstate 73 writers group and attend the Page 73 Summer Residency at Yale. Prior fellows include Kirsten Greenidge (Milk Like Sugar), Quiara Alegria Hudes (Water by the Spoonful) and Jason Grote (1001), among others.

Page 73 Productions develops and produces the work of early-career playwrights who have yet to have their work professionally produced in New York. The company's first production of 2013 will be Sleeping Rough by Kara Manning, directed by Tony nominee Sam Buntrock.

For more information, visit Page73.org.