In a major movement in the art world, the Petzel Gallery is moving its contemporary collection and exhibition space to 520-530 W. 25th St.
Leaving his longtime home at 456 W. 18th St., Petzel will more than double his footprint with 11,000 square feet of gallery space on the ground floor and 7,000 square feet of upstairs office space on the ground floor. No. 520.
Feil will also market 70,000 square feet of Class A office space at the adjacent six-story number 530.
Petzel has been a driving force in the contemporary art scene since its founding in 1994 on Wooster Street in Soho. His list of artists includes Ross Bleckner, Simon Denny, Sarah Morris and Stephen Prina, among dozens of others.
The gallery has moved several times and has also launched a satellite townhouse in the upscale 67th Street East neighborhood, which will remain open.
Gallery founder Friedrich Petzel said: “I’ve checked out the buzz about booming gallery neighborhoods. Ultimately, after talking with my artists, I decided to make a long-term commitment to Chelsea and the brilliant community there.
Petzel will benefit from 85 feet of sidewalks for its galleries and bookstore. The location was previously home to the legendary Studio Instrument Rentals (SIR), where artists such as Grateful Dead, Eric Clapton and Mariah Carey have rehearsed and recorded
The gallery installation is part of a redevelopment of the property by Feil Organization and Rigby Asset Management. Rigby founder Paul Armstrong said he designed the new design for the century-old building.
He said the rent charged for the gallery space was “in triple digits. 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 take this exceptional building and bring it into the 21st century without compromising its uniqueness. “
Real estate giant JLL CEO and tri-state chairman Peter Riguardi has detected several “clear post-COVID messages” in Manhattan’s sluggish office rental market.
On the plus side, he said the more expensive spaces, from Grand Central to Tribeca, were seeing “huge” activity in the range of 25,000 to 50,000 square feet.
At the same time, “I did not see [large expansion] transactions necessary for positive absorption. No one leaves one square foot for every two square feet yet.
As for employees returning to their offices, Riguardi predicted, “US-based banks are going to lead the way. Hopefully other tenants will follow soon.
While the market is still in the tank, two other major brokerages found the tank’s silver liners in the second quarter.
As Riguardi noted, no new successful lease is in sight. But CBRE and Newmark have both found signs of life in recent modest increases in signings and withdrawals of sublease offers.
The brightest point was the St. Francis College lease for 255,000 square feet at The Wheeler from Tishman Speyer in downtown Brooklyn. The deal at the Macy’s site, where the new tower rises beside and above the department store, was perhaps the biggest commitment in the United States for the quarter.
CBRE cited a 20% increase in activity in the second quarter compared to the first quarter. The 3.47 million square feet leased in the second quarter was still 44% below the five-year quarterly average.
But, CBRE’s Senior Director of Research and Analysis, Nicole LaRusso, said, “We are seeing demand from occupiers increasing.
Global availability has increased to 17.8 percent the most since 1990.
Newmark cited Midtown availability of 17.8% and Downtown 21.1%. The downtown figure included a number of long overdue market space additions, including Deutsche Bank’s exit from 1.6 million square foot 60 Wall St. and the departure of Citigroup. of 111 Wall St. This latest 1 million square foot building is undergoing a top to bottom redesign including an all new curtain wall.
Another week, another “boutique” office building that has been repositioned or “reinvented”. The latest is 477 Madison Ave. from RFR to East 51st Street, a 325,000 square foot property across from St. Patrick’s Cathedral where “aesthetics, lifestyle, outdoor space and amenities have been transformed.”
We first wrote about RFR chief Aby Rosen’s plans for the 24-story property in August 2019, after buying it for $ 258 million and preparing to invest an additional $ 40 million for them. upgrades.
The most striking change is that the once drab glazed white brick facade has been transformed into a more trendy battleship by MdeAS architects. Also new: a redesigned lobby with contemporary art, 15,000 square feet of outdoor terraces, a cafe and tenant lounge, a Peloton-equipped fitness center and new oversized windows. There are also 8,000 square feet of new storefronts.
The building is approximately 60% leased to tenants, including Kayne Anderson Capital Advisors, Rivkin Radler, Atlas Merchant Capital and Atlantic Street Capital. A Newmark team consisting of David Falk, Eric Cagner, Peter Shimkin and Daniel Levine will take care of the rental of the remaining floors.
Rosen told us in 2019 that asking rents ranged from $ 90 to $ 100, which he called a “good deal” for the location near Rockefeller Center. Since the pandemic, they’ve been revised slightly from $ 74 per square foot for high-end prefab suites to $ 98 per square foot for full floors with private terraces at the top.
Good news for architecture enthusiasts, Battery Park City’s Skyscraper Museum – which was closed for 16 months – will reopen at 39 Battery Place on July 15. Best of all, entry will be free until January 2022., http://www.skyscraper.org.)
Museum director Carole Willis said the free admission 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 exhibit, Supertall !, should be crowd-pleasing with models, images and stories of 58 of the tallest buildings in the world, all taller than the Empire State Building.
Popular contemporary Mexican restaurant Fonda will open its third location in town at 139 Duane St., which once housed two other restaurants, longtime Blaue Gans and Savida, a one-year-old wonder. The 4,388 square foot long lease includes nearly 2,400 square feet on the ground floor with 25 feet of front sidewalk.
Fonda hired architect Enrique Norten to design the restaurant, which plans to open by the end of the year.
Andrew Stern and Mai Shachi of Newmark have replaced owner Madison Realty. Daniel Rodriguez Sains of Buchbinder & Warren played for Fonda.