Art gallery inks deal to lease entire 38K sf Chelsea building

Hauser and Wirth to occupy PMG-owned space while it constructs new 32K sf home next door

New York /
Jun.June 13, 2016 03:45 PM

As it waits to build out its new West Chelsea home, contemporary and modern art gallery Hauser and Wirth will be moving into Property Markets Group’s West 22nd Street building.

The longtime staple of the neighborhood’s art scene signed a lease for 38,000 square feet at PMG’s 548 West 22nd Street, right next door to where they gallery has plans to construct a new five-story home.

“We are pleased that such an important gallery will be located in our building,” PMG founder Kevin Maloney said in a statement. “The two Dan Flavins in the stairwell which are on loan to us are constant reminders of the building’s important heritage in the art world.”

Hauser and Wirth, the international gallery founded in Switzerland in 1992, will take possession of the space in September, with its first exhibition scheduled for November.

The gallery will occupy PMG’s full building for two years with an option for a six-month extension at a price of $3.8 million a year, PMG noted, as it waits to move into its new gallery space next door.

Back in October, Hauser and Wirth filed plans to construct a five-story, 32,000-square-foot building designed by Annabelle Selldorf next door at 542 West 22nd Street with space for a bookstore, showroom, offices and workshop.

The gallery, which is relocating from its former home at 511 West 18th Street, controls the property under the terms of a $26.8 million, 42-year lease with landlord Steven Helf of Helzen Associates, with a 45-year extension.

PMG bought the building on West 22nd Street in 2014 for $40 million, and filed plans in January the following year to add 15 stories onto the four-story building. It was not clear if the developer was moving forward with the plans. — Rich Bockmann


Related Articles

arrow_forward_ios
David Zwirner and Elijah Equities principal Hiram Haddad with 520 West 20th Street in Manhattan NYC (Wikipedia, Elijah Equities, Google Maps)
David Zwirner adds office space in Chelsea
David Zwirner adds office space in Chelsea
Hugh Jackman and 100 Eleventh Avenue #PHA (Getty, StreetEasy)
Hugh Jackman buys penthouse at Jean Nouvel tower
Hugh Jackman buys penthouse at Jean Nouvel tower
160 West 24th street with Greystar’s Bob Faith and CBRE Investment’s Chuck Leitner (Streeteasy, Greystar, CBREIM)
CBRE snaps up $245M Chelsea apartments
CBRE snaps up $245M Chelsea apartments
From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Red Apple Group's John Catsimatidis and 280 Eighth Avenue (Red Apple Grpup, Google Maps)
John Catsimatidis plans mixed-use Chelsea project
John Catsimatidis plans mixed-use Chelsea project
Pier 57 in Chelsea. (Google)
Google opens new Pier 57 to employees, public
Google opens new Pier 57 to employees, public
Robert Gans, 533 West 27th Street and Eli Tabak (Robert's Steakhouse, Google Maps)
Strip club owner alleges Tabak family conspiracy in $100M suit
Strip club owner alleges Tabak family conspiracy in $100M suit
From left: Doug Tiesi, CEO, Argentic, and Ben Ashkenazy, CEO, Ashkenazy Acquisitions, in front of 115 Seventh Avenue (Argentic Investment Management, LoopNet, iStock)
Ashkenazy loses original Barneys building
Ashkenazy loses original Barneys building
arrow_forward_ios

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

Loading...