Joining the new subleases in only the first month of 2013, Vicky David Gallery at 514-522 West 23rd Street is available at $20,000 per month asking rent. This 2,200 SF fully-built gallery at $110 per square foot reinforces this pricing as the new normal on West 23rd Street, perhaps higher on West 24th. But its a great space on a great street.

VDG may be yet another victim of Sandy or it may be falling victim to the rising winds of higher rents in West Chelsea. With the one-two punch of high water and high rents, many galleries are either in flight to the LES or moving a few flights up, as Danese and Pavel Zoubok Gallery are doing on West 26th.

522W23_plan
It’s still a great space. The question remains, is West 23rd a great street? Expectations were high after the street was finally cleared after four years of construction, first at 500 West 23rd and later at HL23 across the street, and with the addition of stairs and elevator to the High Line next door, but it seems they might be unfounded. Other W23 galleries I’ve spoken to say the increased traffic hasn’t translated into increased sales. Does it ever in this business?

 

Contact Earl if you want to know more.