West Chelsea Space Hits Market; Cries Out for Art Gallery--Or, A Condo

Are you a start-up entrepreneur looking to dive into Chelsea's art scene? Are you Chelsea royalty like Mary Boone or Leo Koenig and looking to expand your gallery empire?

Well, if so, it's time to give Eastern Consolidated a call. The brokerage firm is marketing a space at 511 West 21st Street, right near the High Line. The exisiting five-story warehouse is 88,000 square feet, but a structure at 98,750 square feet can be built as-of-right on the 19,750-square-foot site.

One lonely tenant remains at 511 West 21st, with a lease that runs through November 2008, but he's willing to leave as soon as you want.

Eastern Consolidated's Eric Anton, Ronald Solarz, David Johnson and Jared Toothman are marketing the building.

The space isn't just limited to becoming an art gallery, of course. The EC team says the space is perfect for either a hotel or a condo.

Asking price: $52.5 million.

- John Koblin