Gallery Leasing Space on 5th Avenue and 57th Street, NYC
R.M. Chait Galleries is leasing new space on the corner of 5th Avenue and 57th Street in the heart of the NYC Plaza District. The 103 year-old gallery is a world renowned specialist in the field of fine antique Chinese porcelain and works of art. Mitchell Waldman of Cogent Realty Advisors represented the gallery in this transaction.
Currently located at 724 Fifth Avenue, R.M. Chait Galleries will be moving to the adjacent
Crown Building at 730 Fifth Avenue. Impeccably maintained, this Class A office property was built in 1921 and is named after its gold guilded roof which is illuminated in the evening and resembles a crown. The building is tenanted by boutique firms including financial services, media, public relations and fashion. Current galleries include Hirschl & Adler, Gering & Lopez, Forum and Nohra Haime. The building is owner occupied and managed.
REASONS FOR GALLERY RELOCATION
R.M. Chait Galleries’ reasons for relocating included: (1) The need to secure a long term lease which was not available at 724 Fifth Avenue; (2) A desire to operate in a higher quality building; and (3) The ability to re-design the gallery in a more efficient manner which resulted in the leasing of less space and a reduction in overhead.
The new gallery is schedule to open on January 1, 2014. The 4,000 rentable square foot space is being created by the Stylander DesignGroup which was recommended by Waldman. Asking rents at 730 Fifth Avenue range from $65- $75 per rentable square foot. Included is a Landlord cash contribution and rent abatement that are utilized for the construction of a new space.
Gallery Leasing Specialist