Commercial Real Estate & Advisory

Stone of Sinvin Leases 3000 s/f in Chelsea

March 6, 2007

Chelsea, NY Michelle Stone, managing director at Sinvin Realty and exclusive broker for 535 West 24th St., has leased 3,000 s/f to The Chinese Contemporary Gallery on the third floor, with landlord GTM Associates. The asking price was $38 per s/f. Stone was the sole broker for the 6-year transaction.This was the last of five spaces for lease in this building in the heart of the West Chelsea art scene. Since representing the property as exclusive agent, Stone has leased two of the other floors as galleries, one as a furniture showroom, and one as a fashion showroom. There are also two other gallery tenants housed in the six-story loft building. The gut-renovated building has all new systems: new bathrooms, HVAC, elevator, and lobby, and the spaces feature high ceilings, hardwood floors and exposed brick walls.