The Real Deal New York

Rubin Museum development site in Chelsea could fetch $60M

Property part of Himalayan art specialist's portfolio
May 29, 2014 08:30AM

The Rubin Museum of Art is selling a Chelsea development site that offers more than 70,000 buildable square feet of space. The site, which now holds a seven-story building, is expected to go for $60 million.

JLL brokers Yoav Oelsner, Glenn Tolchin and Scott Latham were hired to market the site. Tolchin said the site at 115 Seventh Avenue near West 17th Street is most valuable as a condominium-and-retail project. Thus, the current structure would have to be demolished.

The museum, which specializes in Himalayan art and other artifacts, bought 115 Seventh Avenue as an investment among a collection of properties more than a decade ago. The headquarters is 150 West 17th Street. A Barney’s department store is expected to open a 57,000-square-foot space next door to the development site soon.  [Crain’s]Mark Maurer