Petzel Gallery to Expand in Chelsea, Move to 520-530 West 25th Street
By Nicholas Rizzi July 12, 2021 2:24 pm
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Contemporary art spot, the Petzel Gallery, plans to expand its Chelsea space and move to 520-530 West 25th Street, according to landlord The Feil Organization.
The gallery signed a 15-year lease for 11,000 square feet of gallery space on the ground floor and 7,000 square feet of office space on part of the second floor of the building owned by Feil and Rigby Asset Management, the New York Post first reported.
A spokesperson for Feil declined to provide the asking rent, but Rigby founder Paul Armstrong told the NYP that the retail space has asking rents “in the low triple digits.”
Petzel Gallery was founded in 1994 by Friedrich Petzel and has been located nearby in Chelsea at 456 West 18th Street since 2012, according to its website. It plans to move to its new space in April 2022, according to Randall Briskin, vice president of leasing for Feil.
Feil and Rigby bought the 95,000-square-foot, seven-story, 520-530 West 25th — formerly home to several art galleries — from its longtime owners for $72 million in 2019, The Real Deal reported.
The developers embarked on a redevelopment project for the building, adding an outdoor terrace with a sculpture garden curated by Petzel, which they’re expected to finish in the fourth quarter of this year, Briskin said.
“We are excited to be able to announce that the Friedrich Petzel Gallery lease was executed well in advance of the completion of our project,” Briskin said in a statement. “The Friedrich Petzel gallery is a perfect anchor to set the tone for the uniqueness of the entire redevelopment.”
Alf Naman of Alf Naman Real Estate represented the Petzel Gallery, while Susan B. Anthony of Susan B. Anthony Real Estate handled it for The Feil Organization.
Anthony and Naman did not immediately respond to requests for comment.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
