Desperate Art Galleries Give Up as Chelsea Rents Double – Bloomberg 02-19-13

Salient to Investors:

The midsize art galleries that helped transform western Chelsea into New York’s major art hub are being squeezed out of the neighborhood by booming real-estate development and rising rents.

Stuart Siegel at CBRE said every developer in New York wants to be in West Chelsea, and landlords are asking from $80 to $120 a square foot for ground-floor space between 10th and 11th avenues versus $55 to $75 in 2010.

Read the full article at http://www.bloomberg.com/news/2013-02-20/desperate-art-galleries-give-up-as-chelsea-rents-double.html

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