Major developers are betting on the art industry by creating new space for dealers and artists in Chelsea. The Related Cos. plans to add 15 galleries, totaling 27,000 square feet, in and around its luxury condominium project at 520 W. 28th St., according to The Wall Street Journal.
The developer is also testing a concept that can be found in Europe but not here in the city: A galleria with a café, a wine bar and other amenities will house nine of the gallery spaces as a collection that will offer built-out interiors and a package of services. Related would not say how much it is spending on the project. Similarly, Savanna and the Silvermintz family are building a 12,400-square-foot retail space at the base of its 166,810-square-foot Chelsea mixed-use commercial building that will cater to the art scene.
The neighborhood has seen a spike in new residential buildings, which has increased competition for retail tenants, brokers said. While the number of art galleries in Chelsea has declined because of rising rents, the neighborhood remains a stronghold for the art scene, with several galleries still calling the area home.
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Major developers are betting on the art industry by creating new space for dealers and artists in Chelsea. The Related Cos. plans to add 15 galleries, totaling 27,000 square feet, in and around its luxury condominium project at 520 W. 28th St., according to The Wall Street Journal.
The developer is also testing a concept that can be found in Europe but not here in the city: A galleria with a café, a wine bar and other amenities will house nine of the gallery spaces as a collection that will offer built-out interiors and a package of services. Related would not say how much it is spending on the project. Similarly, Savanna and the Silvermintz family are building a 12,400-square-foot retail space at the base of its 166,810-square-foot Chelsea mixed-use commercial building that will cater to the art scene.
The neighborhood has seen a spike in new residential buildings, which has increased competition for retail tenants, brokers said. While the number of art galleries in Chelsea has declined because of rising rents, the neighborhood remains a stronghold for the art scene, with several galleries still calling the area home.
More real estate news
Landmark ruling puts pressure on historic Brooklyn church (The Real Deal)
Struggling firms' fire sale triggers a legal tug of war (New York Post)
Real estate crowdfunding exec is now top HUD adviser (The Real Deal)
Art specialty shops are closing (New York Post)
A financial lifeline for owners in historic neighborhoods (The New York Times)
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