Chelsea museum could be shuttered and sold

Chelsea Art Museum

The owner of the 19th century building that houses the Chelsea Art Museum has filed for bankruptcy in a move that could force the museum to shut its doors, according to Bloomberg news. Dorothea Keeser, the owner of the 556 West 22nd Street property and co-founder of the museum, said she plans to sell the building — worth an estimated $20 million — unless she is able to refinance the debt and develop the rooftop. She filed for bankruptcy, she said, because her lender, an affiliate of Hudson Realty Capital that was owed $13 million, was threatening to take ownership of the building. The news already has vultures circling the well-located property, which sits on 11th Avenue near the new High Line park. “So many developers want this building,” Keeser said. “It’s a pity they don’t see we’re the only museum in Chelsea.” [Bloomberg]

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.