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
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Sterling Equities Chairman Fred Wilpon and 334 West 20th Street (Getty, Compass)
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record
Depot Boijmans Van Beuningen in the Netherlands (Photo via MVRDV)
172-year-old Dutch museum putting entire collection on display
172-year-old Dutch museum putting entire collection on display
Biometric screener CLEAR grabs 120K sf at Vornado’s 85 Tenth Ave
Biometric firm CLEAR grabs 120K sf at Vornado and Related’s 85 10th Ave
Biometric firm CLEAR grabs 120K sf at Vornado and Related’s 85 10th Ave
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Appellate court kills Maverick Real Estate’s Chelsea foreclosure bid
Appellate court kills Maverick Real Estate’s Chelsea foreclosure bid
Greystar eyes $250M for Chelsea apartments
Greystar eyes $250M for Chelsea apartments
Greystar eyes $250M for Chelsea apartments
eXp exec buys Zaha Hadid-designed Chelsea condo for $12M
eXp exec buys Zaha Hadid-designed Chelsea condo for $12M
eXp exec buys Zaha Hadid-designed Chelsea condo for $12M
A NoMad rental for $363 a month — courtesy of Loft Law
A NoMad rental for $363 a month — courtesy of Loft Law
A NoMad rental for $363 a month — courtesy of Loft Law
arrow_forward_ios

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

Loading...