Chelsea art gallery buildings sell for $48 million

Two West 25th Street buildings that house several art galleries have sold for $48.75 million, according to city records posted today. One is a four-story, 81,000 square foot building at 521-541 West 25th Street that was built in 1910. The other is a nine-story, 83,000 square foot building at 511 West 25th Street, built in 1917. Curbed.com previously reported that the buildings were sold by Grubb-Ellis to Cardinal Investments. The deeds, however, showed Halcyon Real Estate Partners, a Boston-based real estate equity firm, as the buyer. TRD