As the new Whitney Museum opens in the Meatpacking District and rents in the surrounding area reach new heights, Chelsea’s big galleries are upping their game.
Pace Gallery is planning to renovate its space on West 25th Street, according to the Wall Street Journal. The gallery, which showcases artists such as Chuck Close and David Hockney, is building an eight-story flagship location that will quadruple its square footage. Hauser & Wirth — a Swiss gallery nearby — is planning a new building on West 22nd Street, according to the newspaper.
Meanhwile, some of the smaller galleries are being forced out of the district due to high rents. Commercial rents in Chelsea are now roughly $160 per square foot. Five years ago — before the rise of the massively popular High Line — asking rents were between $50 and $60.
“Rents in Chelsea seem crazy to us; they have gone through the roof,” Marc Glimcher, president of Pace Gallery, told the newspaper.
Pace is planning to break ground on its new building in December. The new gallery — which will take up about two-thirds of the new 60,000-square-foot property — will replace a trucking terminal. Residential projects are also sprouting up on West 24th Street between 10th and 11th avenues. [WSJ] — Claire Moses