Lehmann Maupin pays “record-breaking price” for gallery space at the Getty

Sale price comes to $4,400 a foot

New York /
Apr.April 30, 2018 01:40 PM

Renderings of the Getty at 501 West 24th Street, Michael Shvo and Victor Group’s Moshe Shuster

Art gallery Lehmann Maupin closed on the gallery space at the Getty condominium development in West Chelsea, paying $27 million, records filed with the city Monday show. The signatory on the deed is Ziggy Rutan, a Florida-based developer and real estate consultant who represented the Lehmann Maupin on the purchase.

The property, one of West Side’s most extravagant boutique condos where the top floor triplex recently sold for $59 million, is the product of a joint venture by developers Victor Group and Michael Shvo.

The gallery space Lehmann Maupin bought occupies 6,100 square feet on the building’s first and second floors, Shvo confirmed to The Real Deal. He described the sale, which comes out to about $4,400 a square foot, as “a record breaking price for West Chelsea.”

In addition to Lehmann Maupin, the third and fourth floors at the Getty will be home to Blackstone executive J. Tomilson Hill’s private art collection, which is set to open in September.

Rutan did not immediately respond to requests for comment, nor did representatives for Victor Group. Shvo pleaded guilty last week to tax evasion charges and agreed to a $3.5 million settlement payment.

Rutan, according to his website, developed a handful of buildings in Washington, DC and New York during the 1990s, including the restoration of 109 Prince Street in Soho. In more recent years he advised art dealer Tony Shafrazi in selecting gallery space at 740 Hicks Street in Brooklyn, court records show.

Last week’s reported $59 million penthouse sale at the Getty is the most expensive residential sale ever in Downtown Manhattan.


Related Articles

arrow_forward_ios
A photo illustration of Related Companies' Jeff Blau (Getty)
Related proposes 1,500-room resort in Hudson Yards casino bid
Related proposes 1,500-room resort in Hudson Yards casino bid
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Council member Pierina Ana Sanchez and RSA’s Joseph Strasburg (Getty; Twitter)
Citing Bronx fire, Council pushes building violation crackdown
Citing Bronx fire, Council pushes building violation crackdown
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
arrow_forward_ios

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

Loading...