Commercial Real Estate & Advisory

Gallery Is Going West

December 29, 2004

Lennon, Weinberg, one of the Last Soho art galleries, signed a new lease for 4,000 square feet in West Chelsea, at 514 West 25th Street between Tenth and Eleventh Avenues.

Roxanne Betesh, vice president of Sinvin Realty Corp., represented both the tenant and the landlord in the transaction. She would not disclose terms of the six-year lease with its five-year option to renew, but said the landlord had been asking $60 per square foot on the ground floor and $35 on the upper floor.

The 2,000 square-foot ground floor space and the 2,000 square-foot second floor presence for the gallery, which currently occupies 4,300 square feet on the 3rd floor at 560 Broadway.

“Lennon, Weinberg’s move to West Chelsea puts it on the ground floor – literally – of the migration of art galleries to Chelsea,” said Betesh. “Accordig to a recent listing, there are only 62 art galleries left in Soho while there are 198, and counting in Chelsea.”