Art school signs 30-year lease at 2.2m s/f landmark building

Real Estate Weekly, Nov 19, 2003

The School of Visual Arts (SVA) may well have found the ideal new location, along with favorable lease terms, to showcase the work of its students and other artists.

The nationally recognized college of art, represented by Colliers ABR, Inc., has signed an unusually long 30-year lease, at a fixed rental rate, to house 9,041 s/f of gallery space at the landmark, 2.2 million s/f Starrett-Lehigh Building. The 72-year-old property, located at 601 West 26th Street, is home to numerous galleries in the heart of Chelsea's booming art district.

The lease will allow SVA to quadruple its exhibition space and establish a long-term neighborhood presence when it moves one of its galleries from 137 Wooster Street in SoHo to its new 15th floor facility next Spring.

The School of Visual Arts was represented in the leasing transaction by Colliers ABR, Inc.'s Managing Directors Neil Lipinaki and Mark Furst. Peter Thorsen represented the landlord, 601 West Associates.

According to Mr. Lipinski, "We are delighted to have found The School of Visual Arts a new long term home for some of its galleries, and kudos to the landlord for recognizing SVA's value to the building, and accommodating it on its threshold issues. This transaction reinforces The School of Visual Arts' sense of place at the epicenter of Manhattan's prestigious art gallery community. Starrett-Lehigh is already home to a number of galleries, photography studios, design firms and publishing enterprises, so The School of Visual Arts will be a natural fit."

According to Anthony P. Rhodes, Executive Vice President of the School of Visual Arts, "One of the greatest advantages a young artist has in coming to the School of Visual Arts is the opportunity to become an integral part of the vibrant international art scene based in New York City. Our acquisition of this new gallery space is a reflection of our commitment to our students to provide them with real life experiences as professional artists. This space offers them a chance to exhibit their work amongst the work of some of the most influential artists of our time, right in Chelsea, at the center of contemporary art."

SVA plans four exhibition spaces for the new location, which also boasts a wrap-around terrace with dramatic southern views of Manhattan.

The Starrett-Lehigh Building, built as a warehouse, has recently undergone capital improvements and is now home to media, fashion and design companies.