Leases  ·  Retail

Pop Artist Peter Max Moves His Gallery and Studio to West Chelsea


Peter Max Studio, which showcases the work of famed pop artist Peter Max, is moving from the Upper West Side to West Chelsea, Commercial Observer can first report. 

The gallery behind the 82-year-old, German-born painter and designer has inked a five-year lease for 2,307 square feet on the second floor of 541 West 25th Street, between 10th and 11th Avenues. Asking rent in the transaction was $75 per square foot.

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Max, who has stopped painting as his dementia has worsened in recent years, according to the New York Times, will leave his longtime studio and office space at 37 West 65th Street, between Broadway and Central Park West by Lincoln Center. The gallery and studio are already in the midst of relocating and are expected to open by the end of the year.

L&L Holding Company purchased 511-541 West 25th Street, known as the Ironworks, in 2014 with PGIM Real Estate for $160 million. PGIM, the real estate investment arm of insurance company Prudential (PRU) Financial, sold its 95 percent stake in the three adjacent buildings to Artemis Real Estate Partners for $155 million earlier this year, according to The Real Deal. L&L retained its 5 percent stake in the 194,000-square-foot collection of former loft buildings.  

WeWork also just opened a 90,000-square-foot coworking space upstairs at Ironworks. 

“Peter Max was an ideal tenant for the space and the type of exciting gallery we were looking for at the Ironworks project,” said Harrison Abramowitz of Newmark (NMRK) Knight Frank, who represented the landlords in the deal. “His work is world-famous and they will be a great addition to the neighborhood.”

Jonathan Goldberg of Metropolitan Property Group represented Peter Max Studio.