In a notice posted on its website, the company stated that it will not renew its lease at St. Mark's Church.

The New York Times reports that while the Project did not state the reason for the decision, people invovled in the company credited it to financial difficulties.

The group presented cutting-edge works of theatre, including plays, musicals, concerts, adaptations, film installations and other works. It was supported by foundation and government financial support.

"We had specific goals about how to support artists, financially and otherwise, and over the years we've been able to achieve those goals to varying success," Shannon Sindelar, one of the curators at Incubator, told the New York Times. "Recently, getting to a solid place where we and the artists could meet halfway became more difficult. And the reality is, since the recession, theaters and artists have really struggled with getting enough financial support."

"We made the decision to end our lease and cease further productions, thereby releasing the future of the room. We wish nothing but wild success for our dear friends at St Mark's, the Poetry Project & Danspace. We know that St Mark's will be able to provide information about the future at the appropriate time... In our humble opinion, the conversation is not that we're closing or why — it ended like most things do, the timely result of a series of good intentions. The conversation we want to have is about what we now know," a statement on the website said. Visit incubatorarts.org for more information.