(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW YORK CITY-Martin Lawrence Galleries, a division of Chalk & Vermilion Fine Arts Inc., purchased the 3,000 sf space it has been leasing for more than 20 years at 457 West Broadway. The retailer chose to purchase the co-op after the estate of its former owner, Vance Jordan, made the decision to sell. Jordan operated his own art gallery, Jordan-Volpe Gallery, in the space until leasing it to Martin Lawrence Galleries in 1986.
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.
Roxanne Betesh, vice president of Sinvin Realty Corp., and exclusive commercial sales agent for the building, represented the seller. Nicholas Poshkus, senior managing director of Coldwell Banker Commercial Properties, represented the buyer.
"The Pension and Health Plans made a wise choice to invest in the office space they'll be using," says Betesh. "We've already had some buyers in the building resell their unit at a profit, or successfully sublease unused space." Including the Motion Picture Industry Pension and Health Plans, Betesh has closed close to 50,000 sf of deals at 145 Hudson St.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
