1/25/2008

Cushman & Wakefield orchestrates sale of Dia Arts Center in Chelsea

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548 West 22nd Street

Cushman & Wakefield's New York Capital Markets Group arranged the sale of 548 West 22nd St. in Manhattan from the Dia Center for the Arts to a foreign investor for $38.5 million.

Charles Kingsley, Jon Epstein and Yoav Oelsner of the New York Capital Markets Group worked on the deal.

The four-story, 38,100 square foot warehouse served as the Dia Arts Center's space for large scale installations. It wasn't large enough, however, and Dia was forced to find more suitable accommodations for which it is still searching.

It still operates the Dia:Beacon gallery in Beacon, N.Y., about 70 miles north of New York City.

Cushman & Wakefield's Charles Kingsley said that the new owner will continue to run the property as a gallery space.

Address: 548 West 22nd St., New York City, N.Y.

Size: Four-story/38,100 square feet

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Filed Under: Industrial

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