Gagosian, two more sign leases at historic Chelsea building
The historic (circa 1897), six-story building at 555 W. 25th St. in the thriving Chelsea gallery district has landed three new tenants. In the deal with the most marquee value, global art icon Larry Gagosian signed a full-floor office lease for 9,005 square feet.
It’s conveniently just a block away from Gagosian’s museum-like gallery at 555 W. 24th St. He’ll continue to operate his headquarters uptown at 980 Madison Ave., which has offices in addition to its flagship gallery floors.
Forty employees will use the loft-like expansion floor on West 25th Street, which has 12-foot ceilings and Hudson River views. Newmark’s Andrew Sachs and Neil Goldmacher represented Gagosian. The asking rent was $60 per square foot.
The West 25th Street building was once used by Standard Oil for its front office. It has served as a creatively-crafted office and gallery location for the past 20 years in the Historic Chelsea Arts District.
Meanwhile, AP Gallery, owned by a high-net worth Korean family, signed a retail lease for 3,198 square feet on the ground floor space and 1,500 square feet in the basement. The asking rent was $95 per square foot. Michael Segerman of Current Real Estate represented both sides of the deal and also repped the landlord in the Gagosian lease.
Segerman is the exclusive agent for the building owner, LL Mactaggart Family & Partners Ltd., who bought it in 2019 for $43.3. million from High Line Realty Associates.
Separately, French interior designer Pierre Yovanovitch will open a 9,090 square-foot office at the building, too. Jonathan Travis of Redwood Property Group represented Pierre Yovanovitch.
