Pace Gallery pays $4.4M to Paul Glimcher for retail building in Chelsea

Pace Gallery through the entity 510 West 25th LLC paid $4.4 million to Paul Glimcher through the entity 508 West 25th LLC for retail building (K1) at 508 West 25th Street in Chelsea, Manhattan.
The deal closed on October 5, 2021 and was recorded on October 18, 2021.
The property has 4,000 square feet of built space and 15,760 square feet of additional air rights for a total buildable of 19,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,102 and the price per buildable square foot is $223 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 11, 2011, for $2.2 million.
The signatory for Paul Glimcher was Paul Glimcher. The signatory for Pace Gallery was Chris Harnden.
(120789735) Plans for a 0-unit, 4,000 square-foot A-3 were filed on August 10, 2011 and were permitted on January 27, 2012.

Within a 400-foot radius of 508 West 25th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 24, 2021 for the $910,600 renovation of 80,266-square-foot B building with no residential units at 530 West 25th Street.
Of those five items, three were sales above $5 million totaling $94.1 million. The most recent of the three was David W. Mills and Anne Devereux-Mills which bought one condo unit in the 5,548-square-foot, seven-unit mixed-use building (RM) on 503 West 24th Street for $11.8 million from Victor Group on August 5, 2021.
One of those five items was a loan which Feil Organization borrowed $65.2 million from Granite Point Mortgage Trust secured by the 90,436-square-foot, 33-unit office building (O3) on 516 West 25th Street on December 19, 2019.

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