The Feil Organization is buying an office building in Chelsea that is home to several art galleries for about $72 million, according to sources familiar with the deal.
The property is located at 530 West 25th Street between 10th and 11th avenues and spans 95,000 square feet across seven stories. The Feil Organization partnered on the purchase with Peter Armstrong of Rigby Asset Management.
The Feil Organization and Armstrong purchased the building from longtime owners the Brown family for about $760 per square foot.
Armstrong and representatives for the Feil Organization did not respond to requests for comment.
Robert Khodadadian and Daniel Shirazi of Skyline Properties brokered the deal for both sides. They declined to comment. David Sturner of MHP Real Estate Services represented the seller in the deal as well.
The building is home to multiple art galleries, including the Agora Gallery, the Prince Street Gallery, the Bowery Gallery and the Noho M55 Gallery.
The Feil Organization has also made purchases in Chicago recently, including the West Loop office building at 1029 West Madison Street, the Central Arts Building at 730 North Franklin Street and five properties in Fulton Market.