Art Dealer, Interior Designer and Art Gallery Take Spaces at 555 West 25th
By Abigail Nehring September 26, 2023 3:55 pm
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Art dealer Larry Gagosian, French interior designer Pierre Yovanovitch, and Seoul-based AP Gallery will soon be neighbors at 555 West 25th Street in Chelsea, the New York Post first reported.
In the largest deal, Yovanovitch signed on for 9,090 square feet on the sixth floor, plus a roof deck, of the landmarked building in Chelsea’s historic district, according to landlord broker Current Real Estate Advisors’ Michael Segerman. Asking rent was $70 per square foot, Segerman said.
Segerman could not confirm the exact length of the lease, but said it was a long-term deal. It’s unclear if its a new office for Yovanovitch or a relocation.
Redwood Property Group’s Jonathan Travis, who represented Yovanovitch, confirmed the deal but declined further comment.
A floor below, Gagosian signed a short-term lease for 9,055 square feet on the fifth floor, said Segerman. The asking rent was $60 per square foot.
Gagosian has 19 galleries across the United States, Europe, and Asia and has announced exhibitions taking place this fall in Chelsea at 522 West 21st Street, 541 West 24th Street, and 555 West 24th Street. Gagosian also has locations uptown at 980 Madison Avenue, 976 Madison Avenue, and 821 Park Avenue, according to the gallery’s website.
The office will be a secondary outpost in addition to Gagosian’s 980 Madison headquarters, according to the Post.
Newmark (NMRK)’s Andrew Sachs and Neil Goldmacher represented Gagosian while Segerman brokered the deal for the landlord. Sachs and Goldmacher did not immediately respond to a request for comment.
Last, AP Gallery signed a long-term lease for 4,588 square feet of retail space on the ground floor and basement of the six-story building, according to Segerman. Asking rent was $95 per square foot.
Segerman represented both sides in the deal.
555 West 25th is between 10th and 11th avenues in a section of Chelsea that features a number of art galleries. The building is half a block from the popular High Line elevated walkway.
Segerman said work crews are building out the fourth floor of the building, and renovation is also underway on part of the second floor.
“We’re bringing in high-quality tenants to the building,” Segerman said. “The area is attracting people in art, fashion and tech.”
The Chelsea building is owned by the London-based Mactaggart Family & Partners, who picked it up for $43.3 million in 2019, according to property records.
Update: This story has been updated to correct the broker team for the deals.
Abigail Nehring can be reached at anehring@commercialobserver.com.
