Modern Latin American Art Gallery Leon Tovar moved from 2 75th Street East on the second floor of 26, 64th Street East early next year, learned Commercial Observer.
The gallery, which has operated out of New York City since 2002, will move into 1,700 square feet with an additional terrace of approximately 200 square feet, according to a spokesperson for Judson CRE, including the team ofNicolas judson and Wendy mcdonald negotiated the deal for the tenant. The rent requested was $ 102 per square foot for the four-year lease.
“With the art market having achieved record sales this year, we have recently seen an increase in rental activity for galleries,” Judson said in a statement. “Leon Tovar’s new gallery will be a great addition to the neighborhood alongside other leading galleries such as David Zwirner, Hauser & Wirth and Di Donna.
Léon Tovar will be installed above the Italian restaurant Altesi on the ground floor, and the third and fourth floors of the building are available for rent, Augenbaum Realty Corp.‘s Josh Augenbaum, who represented the owner, told CO. Sedesco, a real estate investment management company, owns the property after purchasing it in 2008 from a Wyoming-based trust company, according to property records and Sedesco website.
Léon Tovar’s space was previously occupied by the international art gallery Simon Lee Gallery, who left the five-story building in 2020 due to the coronavirus pandemic. The deal for Leon Tovar, which opened in Bogotá, Colombia in 1991, was reached on December 14, according to a spokesperson for Judson CRE.
“The space lent a beautiful mixture of architecture [and]luxury for a gallery of [such]stature, ”Augenbaum said.
Celia Young can be reached at [email protected].