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Deals & Dealmakers

Family sells Chelsea gallery building

A Chelsea building west of the High Line that is home to a handful of art galleries has been sold for $72.5 million to the Feil Organization and Rigby Asset Management.

David Sturner, president and CEO of MHP Real Estate Services, represented the family owners in the sale of the property, 530 West 25th Street. Sturner, who has served as the Brown Family broker of record for many years, closed the deal with Rigby’s Peter Armstrong on December 6.

The new owners haven’t discussed their plans for the six-story property, but it had been marketed as a good candidate for redevelopment.

Galleries at the building include Prince Street, Blue Mountain, Noho M55, Bowery Gallery International and Agora.

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