Yancey Richardson took Frederick Petzel’s previous 3,100 RSF gallery on June 1, 2013 for a reported $24,000 per mont, or $93/SF, which is below market.

Their former 3,000 RSF space upstairs at 535 West 22nd Street is available for a 6 month sublease that can be converted to a 5-10 year direct lease for around $60-$70/SF.

This continues a 3-year trend in West Chelsea with galleries abandoning upper-floor space, either to move downstairs in the area, or to move out of West Chelsea all-together, often to smaller ground-floor space in TriBeCa or the Lower East Side. In 2007, the ratio of upper-floor galleries to ground-floor galleries was 2 to 1, with 364 galleries total. So far in 2013, there are 284 galleries in West Chelsea with an equal split of upper-to-ground floor galleries. This year alone, 30 galleries have moved, either closing for good or moving and reopening elsewhere. These include DeBuck Gallery, who moved from the 5th floor to West 23rd ground-floor space; Leo Koenig, who moved from West 23rd to Postmasters’ larger space on West 19th; Danese, from upper-floor on West 26th to 511 West 22nd; Joshua Liner Gallery, from the 3rd floor to ground-floor space on West 28th; Postmasters (who moved to TriBeCa) and newcomers Unix Gallery and Anna Zorina Gallery, to ground-floor space on West 24th and 23rd respectively.