For the past five years the space, which had been alternately empty and occupied, was plagued by legal and financial problems that brought it close to foreclosure. Christopher Owles of Sinvin Realty represented the owner, Western Investment Network, Joseph Mirasola of Lee O'Dell, dealt for the gallery.
Commenting on the transaction, Owles notes that the owner wanted a tenant who used the site, not an investor, which made the sale difficult. "In the two years I represented the owner we had three signed contracts for the purchase," he says. "Fortunately, the co-op was familiar with Russeck's galleries, and especially because many artists still live in the building, they found his use preferable to all others."
Russeck has galleries in Palm Beach, San Francisco and Las Vegas.
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