Not just the Whitney: the West Side set to become a hub for major art galleries

Pace Gallery and Hauser & Wirth both planning expansion

New York /
May.May 01, 2015 01:35 PM

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


Related Articles

arrow_forward_ios
The Frame building at 541 West 21st Street
Nearly completed West Chelsea office project heads to foreclosure
Nearly completed West Chelsea office project heads to foreclosure
“If they want to try to suck our blood, make my day:” John Cats takes on venerable store
“If they want to try to suck our blood, make my day:” John Cats takes on venerable store
“If they want to try to suck our blood, make my day:” John Cats takes on venerable store
A photo illustration of MAG Partners' MaryAnne Gilmartin along with a rendering of 335 Eighth Avenue (Getty, MAG Partners)
MAG Partners clinches 99-year Chelsea ground lease
MAG Partners clinches 99-year Chelsea ground lease
CompStak’s Michael Mandel and GFP’s Jeff Gural with 675 Sixth Avenue (LinkedIn, GFP Real Estate, Google Maps, Getty)
CompStak inks 26K sf lease for new Chelsea HQ, doubling NYC office space
CompStak inks 26K sf lease for new Chelsea HQ, doubling NYC office space
Manhattan Community Board 4 chairperson Jeffrey LeFrancois and 550 West 20th Street (Getty, Google Maps)
Meet the community board calling for more housing
Meet the community board calling for more housing
(Photo Illustration by The Real Deal with Getty)
Property managers consider outlawing e-bikes after Midtown fire
Property managers consider outlawing e-bikes after Midtown fire
Barry Diller and 555 West 18th Street
Land under Barry Diller’s IAC HQ up for sale
Land under Barry Diller’s IAC HQ up for sale
From left: Tishman Speyer CEO Rob Speyer, KKR co-founder Henry Kravis, and a rendering of 341 Ninth Avenue (Getty, Tishman Speyer)
KKR dumps Manhattan office plans
KKR dumps Manhattan office plans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...