Christopher Owles, managing director of Sinvin Realty Corp., represented the buyer and seller. Martin Lawrence Galleries already owns a second commercial co-op on Wooster Street. Further details of the transaction were not available.

"For us, it made sense to purchase the space," says Eric Dannemann, president of Chalk & Vermilion Fine Arts Inc. "By doing so, we were able to fix our costs and secure our location in Soho where high rents have forced many other art galleries out." Martin Lawrence Galleries concurrently purchased the building they were renting for their San Francisco gallery at 366 Geary St. as part of the same strategy, bringing the number of company owned properties to six.

In a second deal, the Motion Picture Industry Pension and Health Plans has purchased 4,200 sf at 145 Hudson St. It is relocating from its current location at 355 West 52nd St. Financial terms of the sale are not being disclosed but asking price was $675 per square foot, for a total of $2.835 million.