Farkas Glanzrock of Glanzrock Realty secures 5,800 s/f for art gallery at 745 Fifth Ave.

New York, NY Yares Art Projects, founded by Dennis Yares, son of art dealer Riva Yares, has leased 5,800 s/f on the “Gallery Floor” at 745 Fifth Ave. Cindy Farkas Glanzrock, CEO of Glanzrock Realty Services, represented both the Yares art gallery and the Paramount Group, a REIT, which owns and manages the building.

The five-year lease had an asking rent of $90 a s/f.

As part of the agreement, the landlord agreed to divide the floor and deliver a white box with a new bathroom and offered several months of free rent and a tenant improvement allowance.

”Even though this was a relatively short-term lease, the Paramount Group agreed to divide and demolish the space including renovating an existing bathroom and updating electrical and HVAC work,” said Glanzrock, who also introduced Yares to both Kenne Shepherd, the architect on the project, and Gerald Morganstern of the law firm Goetz Fitzpatrick, who was retained by the Yares Art Projects to work on the lease and other business matters.

According to Glanzrock.  “This is a killer gallery space with gorgeous open views looking out to the iconic GM Building/Apple Plaza, Central Park and Grand Army Plaza, Bergdorf’s, The Plaza Hotel and The Dakota clear across the park.”

“Yares is extremely pleased with the terms and the way that the Paramount Group conducted the transaction from beginning to end,” said Glanzrock, a real estate broker and consultant, who specializes in locating galleries and was assigned by Paramount to seek out the appropriate gallery tenant.

“For established galleries there are not many good locations with large open spaces and good light that are affordable,” said Glanzrock. “As a result it is a challenge for galleries to find space and landlords need to be gallery friendly to attract them as tenants.”

“With galleries leaving Chelsea and the Crown Building, there are not many places for galleries to go,” added Glanzrock. “This is a perfect Upper East Side location for Yares to showcase art to New York and international buyers, in addition to their existing clients.”

Glanzrock met Dennis Yares during her annual visit in December to Art Basel Miami, the international art fair where he exhibited at “Art Miami” and sealed the deal during the prestigious Art Dealers Association of America, ADAA, show at the Park Avenue Armory in March 2016.

Yares Art Projects evolved from Riva Yares Gallery, founded in 1964 in Scottsdale, Arizona and in 1991 in Santa Fe, New Mexico. The primary focus is the representation of the Color Field School, and abstract expressionist artists including: Gene Davis, Thomas Downing, Helen Frankenthaler, Morris Louis, Kenneth Noland and Jules Olitski, among numerous others.