Bloomberg reports that, in March, New York’s Andrea Rosen and Luhring Augustine galleries sold their shared West 24th Street building in Chelsea to the real estate firm Siras Development for $28 million. Their deal, according to Katya Kazakina and Caleb Melby’s report, is being financed by a $25.5 million loan from the hedge fund firm DW Partners and Jared Kushner’s family company, Kushner Cos., through its Kushner Credit Opportunity Fund. The deal notably marks a major return on the galleries’ original purchase—they originally bought their building in 1997 for $1.6 million.
Andrea Rosen Gallery shuttered its physical space last year and announced that it would no longer represent living artists. Some of the gallery’s roster, which ran the gamut from Matthew Ritchie to Josiah McElheny, have since ended up working with other galleries around the world, while Rosen continues to work with estates, most notably that of Felix Gonzalez-Torres, who is now co-represented by Rosen and David Zwirner.
Luhring Augustine currently has its space on West 24th Street as well as another in Brooklyn’s Bushwick neighborhood. In the Bloomberg report, gallery owner Roland Augustine did not comment on if the Manhattan gallery would be moving, but he noted that Luhring Augustine is “going to continue our rigorous program no matter where we end up.” Solo exhibitions by Phillip King and Simone Leigh, scheduled to open in June and September, respectively, are still set to go on view in Chelsea, a representative for the gallery confirmed to ARTnews.
The Bloomberg report notes that Siras Development “intends to maintain gallery spaces” on the first floor of a planned new development that will include office space above.