The historic six-story building located at 555 W. 25th St. in the thriving Chelsea gallery district has recently secured three new tenants, optimizing its presence in the real estate market and igniting excitement within the art community.
In a deal that has garnered much attention, world-renowned art icon Larry Gagosian has expanded his Manhattan presence by leasing a full-floor office space spanning 9,005 square feet. This new location conveniently sits just one block away from Gagosian’s museum-like gallery at 555 W. 24th St. However, Gagosian will still maintain his headquarters uptown at 980 Madison Ave., which includes offices and flagship gallery floors.
Gagosian’s new lease in Chelsea is situated in a building built around 1897, adding to its historical allure. The space boasts lofty 12-foot ceilings and stunning views of the Hudson River, providing a captivating environment for Gagosian’s forty employees. The lease was facilitated by Newmark’s Andrew Sachs and Neil Goldmacher, with the asking rent set at $60 per square foot.
This West 25th Street building holds a significant legacy, having previously served as the front office for Standard Oil. For the past two decades, it has transformed into a creatively-crafted office and gallery space in the Historic Chelsea Arts District, attracting businesses and art enthusiasts alike.
In addition to Gagosian’s lease, AP Gallery, owned by a prominent Korean family, has signed a retail lease for 3,198 square feet on the ground floor and 1,500 square feet in the basement. The asking rent for this space was set at $95 per square foot. Current Real Estate’s Michael Segerman played a pivotal role, representing both parties involved in the deal and also acting as the landlord’s representative in the Gagosian lease.
Pierre Yovanovitch, a renowned French interior designer, is set to open an office spanning 9,090 square feet within the building. This further adds to the excitement and diversity of tenants in this captivating space. The lease was brokered by Jonathan Travis of Redwood Property Group, solidifying Yovanovitch’s presence in the Chelsea gallery district.
With these high-profile leases and an impressive array of tenants, the six-story building at 555 W. 25th St. has become a hub of creativity, artistry, and business success in one of New York City’s most vibrant neighborhoods.
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