The Art of a Soho Gallery Deal These Days
Jim Hanas March 21, 2011, 4:04 p.m.
The art scene is not dead in Soho. At least not yet.
Crown Art Gallery, noted for its collection of Picasso and Warhol prints, is opening its second store, in 2,100 square feet at 421 West Broadway. The gallery has had another location at 1609 Broadway for the last 20 years.
The tenant signed a 10-year lease and the asking rent was $195 a square foot, Sierra Realty‘s Peter Levitan told The Commercial Observer. “Prices are coming down on West Broadway, so they’re more affordable for a gallery,” he said, estimating that rents on West Broadway are probably 20 to 40 percent less than what they were in 2007.
He said that three galleries have signed deals in the area in 2011. “It’s not as intimidating as Chelsea,” he said of the faded art hub, and added that it’s good “for sales that are more reliant on traffic and tourism.”
Mr. Levitan is marketing two neighboring spaces, at 423 and 425 West Broadway. The former space is currently occupied by boutique luggage and handbag retailer DeNavi Italia and features 950 square feet of selling area on the ground floor and 600 square feet on the lower level. The asking rent for the ground-floor space is $284 a foot. The other space is currently home to a Detour clothing and the asking rent is $214 a foot.
The landlord has a short-term deal in place with one tenant and is negotiating with several others for a long-term lease, he said.
The 421 West Broadway deal was negotiated by Mr. Levitan and Peter Braus, representing both the landlord and the tenant.