As part of a major move in the art world, the Petzel Gallery is relocating its contemporary collection and exhibition rooms to the renovated 520-530 W. 25th St.
By leaving his long-standing house at 456 W. 18th St., Petzel will more than double its floor space with 11,000 square meters of gallery space on the ground floor and 7,000 square meters of offices on the upper floor at 520.
Feil will also market 70,000 square feet of Class A offices in the adjoining six-story house # 530.
Petzel has been a driver of the contemporary art scene since it was founded on Wooster Street in Soho in 1994. His list of artists includes Ross Bleckner, Simon Denny, Sarah Morris and Stephen Prina, among others.
The gallery has moved several times and has also opened a satellite townhouse on East 67th Street Uptown that will remain open.
Gallery founder Friedrich Petzel said: âI looked at the enthusiasm for up-and-coming gallery districts. Ultimately, after talking to my artists, I decided to make a long-term commitment to Chelsea and the brilliant community there. “
Petzel will enjoy 25 feet of sidewalk frontage for its galleries and bookstore. The location was formerly home to the legendary Studio Instrument Rentals (SIR), where artists such as The Grateful Dead, Eric Clapton and Mariah Carey rehearsed and recorded
The gallery installation is part of a renovation of the property by Feil Organization and Rigby Asset Management. Rigby founder Paul Armstrong said he created the new design for the 100-year-old building.
He said the asking rent for the gallery space is âin the low three-digit range. A ground floor transaction of this size is a very encouraging sign for the Manhattan market. “
Feil, Vice President of Leasing, Randall Briskin, added, “Our goal was to bring this extraordinary building into the 21st century without detracting from its unique character.”
Tristate CEO and President of real estate giant JLL, Peter Riguardi, has spotted several “clear post-COVID messages” in the sluggish office rental market in Manhattan.
On the plus side, he said the most expensive spaces, from Grand Central to Tribeca, saw “massive” activity ranging from 25,000 to 50,000 square feet.
At the same time “I have not seen” [large expansion] Transactions required for positive absorption. Nobody leaves one square meter for two square meters. “
With regard to the return of employees to the offices, Riguardi predicted: âThe American banks will show the way. Hopefully more tenants will follow soon. “
While the market is still in the tank, two other big brokers found the silver lining in the second quarter.
As Riguardi noted, there are no new blockbuster leases in sight. But CBRE and Newmark both found signs of life in recent modest increases in new leases and withdrawals from sublet offers.
The brightest spot was St. Francis College’s lease for 255,000 square feet in Tishman Speyer’s The Wheeler in downtown Brooklyn. The deal on the Macy’s property, where the new tower rises next to and on top of the department store, was possibly the largest exposure in the US for the quarter.
CBRE reported a 20 percent increase in activity in the second quarter from the first quarter. The 3.47 million square meters rented in the second quarter were still 44 percent below the five-year quarterly average.
But Nicole LaRusso, Senior Director of Research and Analysis at CBRE, said, “We’re seeing increasing demand from users.”
Overall availability has increased to 17.8 percent since 1990.
Newmark reported an availability of 17.8 percent in midtown and 21.1 percent in downtown. The downtown number included a series of large-scale expansions to the market that had long been anticipated, including Deutsche Bank’s exit from 1.6 million square foot 60 Wall Street and Citigroup’s exit from 111 Wall Street square feet on redesigned, including a completely new curtain wall.
Another week, another âboutiqueâ office building that has been repositioned or ârethoughtâ. The latest development is 477 Madison Ave. from RFR on East 51st Street, a 325,000 square foot property across from St. Patrick’s Cathedral that “changed aesthetics, lifestyle, outdoor space and convenience.”
We first wrote about RFR boss Aby Rosen’s plans for the 24-story property in August 2019 after buying it for $ 258 million and willing to provide another $ 40 million for the upgrades.
The most noticeable change is that the previously matt glazed white brick facade has been transformed into a trendy battleship gray by the architects MdeAS. Also new are a redesigned lobby with contemporary art, 15,000 square meters of outdoor terraces, a cafÃ© and lounge for tenants, a fitness center equipped with a peloton and new, oversized windows. There are also 8,000 square feet of new storefronts.
About 60 percent of the building is rented to tenants such as Kayne Anderson Capital Advisors, Rivkin Radler, Atlas Merchant Capital and Atlantic Street Capital. A Newmark team made up of David Falk, Eric Cagner, Peter Shimkin and Daniel Levine will rent the remaining floors.
Rosen told us in 2019 that asking rents would be between $ 90 and $ 100, which he called “a great bargain” for the location near the Rockefeller Center. Since the pandemic, they have been slightly adjusted to $ 74 per square foot for high-end pre-built suites and $ 98 per square foot for full floors with private decks above.
Good news for architecture buffs: Battery Park City’s Skyscraper Museum – which was closed for 16 months – will reopen on July 15th at 39 Battery Place. Even better, entry is free until January 2022, http://www.skyscraper.org.)
Museum Director Carole Willis said free entry was made possible with support from Turner Construction, AECOM Tishman, DeSimone Consulting Engineers, Kohn Pedersen Fox, the Feil Family Foundation and Thornton Tomasetti.
The first exhibition, Supertall !, was supposed to be a crowd puller with models, pictures and stories of 58 of the world’s tallest buildings, all taller than the Empire State Building.
Popular contemporary Mexican restaurant, Fonda, will open its third location in the city at 139 Duane St., which previously housed two other restaurants, the long-lived Blue Goose and the annual marvel, Savida. The long-term lease for 4,388 square meters includes almost 2,400 square meters on the ground floor with a 25-foot sidewalk front.
Fonda commissioned the architect Enrique Norten to design the restaurant, which is due to open at the end of the year.
Andrew Stern and Mai Shachi from Newmark represented Madison Realty, the landlord. Daniel Rodriguez Sains from Buchbinder & Warren played for Fonda.