Bloomberg News

Chelsea Gallery Sells Building for $8 Mln, Signs Kassay

February 06, 2013

303 Gallery

547 W. 21st St., where 303 Gallery sits in Chelsea. Photographer: Andrew Harrer/Bloomberg News

Lisa Spellman, the owner of 303 Gallery in Manhattan’s West Chelsea contemporary art hub, has sold the gallery’s home for about $8 million to real-estate developer Scott Resnick, according to a filing with the New York City Department of Finance.

The gallery, on W. 21st Street, will move back to the site “in 2015 to anchor the first two floors of a new high-rise development” from Resnick, according to Spellman.

Resnick’s company, SR Capital, filed plans for a 19-story residential tower on the corner of 11th Avenue and 21st Street, The Real Deal reported last month.

The development is to include 44 apartments and about 9,000 square feet of commercial space, according to the plans.

Spellman declined to comment on the sale price. In an e- mail, she wrote that “we will own the first two floors of the new building.”

Resnick didn’t return a call seeking comment.

Spellman also said she had signed 28-year-old artist Jacob Kassay, whose works are currently on view at the Kitchen in Chelsea.

Prices for Kassay’s silver-surfaced paintings surged at auction since 2010, with a record of $290,500 achieved at Phillips de Pury in May, 2011. He was initially represented in New York by Eleven Rivington gallery on the Lower East Side. In 2010, his works sold on the primary market for $10,000 to $20,000.

“We are very excited to represent Jacob,” Spellman said in an e-mail. “I have been a fan for a long time.”

Spellman’s 303 Gallery, which opened in 1984, represents 25 artists, including Doug Aitken, Mary Heilmann and Karen Kilimnik.

During the construction period, the gallery will move to W. 24th Street, where it will take over a new, two-level space underneath the High Line. The site was also developed by Resnick, according to Spellman.

Muse highlights include Jason Harper on cars, Martin Gayford on European art, Lance Esplund on U.S. art and Catherine Hickley on German film.

To contact the reporter on this story: Katya Kazakina in New York at kkazakina@bloomberg.net.

To contact the editor responsible for this story: Manuela Hoelterhoff at mhoelterhoff@bloomberg.net.


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