There are two properties available inside the M1-5 district otherwise known as West Chelsea Gallery District – South that should be gallery buildings but instead are being marketed to a single , most likely, non-art user. 511 W 21st is on the block to be demolished and rebuilt with a glass tower and leased to a corporate user, and 541 West 21st Street, an 8 story building with about 7,000 SF per floor. The intent is to lease the entire 56,000 SF to one tenant,  probably a corporate user like the Hewlett-Packard leased the entire Chelsea Art Museum (though this is fair-game since its zoned C3-6 and outside of the gallery area). It is s a beautiful building with a roof deck that would make a great gallery building, housing up to fourteen upper-floor galleries, each with 3,500 SF spaces, and one anchor on the ground floor. The ask is $35/SF and if 14 could come together, it would be a smarter play than moving to the Lower East Side.



Contact Earl if you want to know more.