A landmark building in Manhattan’s Chelsea district, the Chelsea Art Building, has long been considered a sanctuary for artists and galleries. However, it is now at risk of changing hands, leaving its tenants with an uncertain future.
The massive 400,000-square-foot complex, located at 508-534 West Twenty-Sixth Street, has been placed on the market with a whopping asking price of $170 million. The sale comes after the passing of its owner, renowned gallerist Gloria Naftali. The building’s roughly 200 tenants are concerned about the fate of their creative spaces.
A Legacy of Artistic Support Is at Risk
The building was initially constructed in the early 20th century as a printing and bookbinding facility. The warehouse was then acquired in the 1970s by businessman Raymond Naftali for use in the garment industry. By 1993, Raymond and his wife, Gloria, had begun transforming the space into a hub for artists.
The building eventually opened as the prestigious Greene Naftali Gallery in 1995. After her husband’s death in 2003, Gloria continued to oversee the building’s artistic development until her death in 2022 at the age of 96.
While her will expressed a desire for the building to remain an artist-friendly space, it did not legally bind the trustees of the Raymond and Gloria Naftali Foundation to uphold this vision.
Now, the foundation is selling the property while highlighting the need to allocate funds toward philanthropic causes, including arts initiatives and Holocaust education.
A Semi-Profitable Space
Despite its reputation as a haven for the arts, the building has remained commercially viable, with rent prices in line with other market rates. Some have reported that a 600-square-foot studio rents for approximately $3,000 per month, while a large 1,650-square-foot space costs more than $8,000 monthly.
Many tenants reported being blindsided by the news of the sale. They learned about it from media reports rather than direct communication from the foundation.
Some of the current occupants are prominent art galleries such as Alexander Gray Associates, Galleria Lelong, Greene Naftali, Morgan Lehman, and Thomas Erben. The building has also played a crucial role in Chelsea’s thriving arts scene, regularly hosting exhibits that serve as a gathering place for creative professionals.
Hope for an Art-Supportive Buyer
The trustees have insisted they are committed to finding a buyer who will preserve the building’s artistic legacy. Zach Redding, the managing director at Collier Capital Markets, is handling the building’s sale. Redding says, “The foundation is focused on identifying a buyer that will continue to maintain it as a home for the art community.”
However, given Chelsea’s rapid gentrification and proximity to the affluent Hudson Yards shopping area, skepticism remains about whether a new owner might truly uphold the site’s artistic identity or convert it for commercial or residential use.
Local officials, including Chelsea Councilman Erik Bottcher, have stepped in to explore options that would allow artists and galleries to stay put. Discussions between city representatives and the Naftali Foundation are trying to determine if the building could be designated as a charitable asset, which could potentially exempt it from being sold purely for profit.
A Pillar of Chelsea’s Art Scene in Jeopardy
For decades, the building has been a cornerstone of the Chelsea art world. It has hosted influential artists such as Gary Simmons, Glenn Ligon, Hiroshi Sugimoto, and Louise Fishman. For many, it represents an alternative to an increasingly corporate and commercialized art world.
Artist Judy Harvest says, “It’s a sad thing to keep pushing us out. We don’t need another luxury condo—we have plenty of them.” She adds, “Why do people want to live in Chelsea? Because it’s interesting. You take away the interesting part, and they’re just looking at each other.”
As of now, the building will continue operating as usual, with galleries hosting Fashion Week shows and upcoming exhibitions. However, the looming sale has cast a shadow over the future of one of New York’s last remaining independent artist spaces.
As artists, tenants, and officials search for solutions, many hope that the building’s next chapter will honor the legacy of Gloria Naftali’s commitment to upholding creativity in the area.
