Gallery Yares Art Projects has inked a 5,800-square-foot deal at 745 Fifth Avenue between Madison and Fifth Avenues, Commercial Observer has learned.
It will occupy part of the fourth floor of Paramount Group’s 35-story building, according to Glanzrock Realty Services. Asking rent in the five-year lease was $90 per square feet. Cindy Farkas Glanzrock of Glanzrock Realty Services represented both sides in the deal.
“With galleries leaving Chelsea and the Crown Building, there are not many places for galleries to go,” Glanzrock said in prepared remarks. “This is a perfect Upper East Side location for Yares to showcase art to New York and international buyers, in addition to their existing clients.”
The New Mexico-based gallery, founded by Dennis Yares, the son of art dealer Riva Yares, specializes in abstract expressionism with works by Gene Davis, Thomas Downing and Helen Frankenthaler. It will be taking McKee Gallery’s former space for its first New York location. McKee had 10,000 square feet which the landlord divided so it can be leased to two separate galleries, according to Glanzrock who pushed for this division on behalf of her client. The remaining retail space is still vacant.
“For established galleries there are not many good locations with large open spaces and good light that are affordable,” Glanzrock said. “As a result it is a challenge for galleries to find space and landlords need to be gallery-friendly to attract them as tenants.”