Rendering of Eden Fine Art, 437 Madison Avenue - New York, NYNew York, NY Eden Fine Art has signed a 12-year lease renewal and expansion at the William Kaufman Organization’s (WKO) 437 Madison Ave. for its flagship New York gallery.
The art gallery will now occupy 3,865 s/f on the ground floor of the 40-story, 850,000 s/f office building, doubling its retail presence on the 50th St. side of the property.
Since 2004, the expansive bi-level gallery specializes in the publishing, marketing and distribution of artworks, sculptures and photographs from select leading international artists. As part of the expansion, Eden Fine Art has commissioned ODA Architecture to renovate and revamp the entire gallery space. It is expected to re-open to the public in spring 2016.
Michael Lenchner, vice president and director of leasing at Sage Realty Corp., the leasing and management division of WKO, represented the building’s ownership in-house in the long-term transaction, while Howard Dolch and Robin Abrams of the Lansco Corp. acted as consultants for Eden.
“We are delighted that this international art gallery has chosen to further extend and expand its tenancy as we continue to modernize and transform 437 Madison Ave. as the go-to property in the Plaza District,” Lenchner said. “Eden has helped to create a symbiotic connection between the art, our building, and our tenants, and we look forward to continuing our relationship with them for many years to come.”
Cathia Klimovsky, owner of Eden Fine Art, said, “For nearly a decade, Eden Fine Art has steadily grown its business in New York City, developing precise understanding of the needed expertise required to be a successful contemporary art dealer in New York. Nowhere else in the world is the art scene as vibrant as in New York, and Eden Fine Art has mastered the art of leveraging all the opportunities to their fullest potential. From spring 2016, this much larger space, together with a breathtaking design created by the renowned ODA architect firm, will even more become a real say in the New York art scene.”
The renewal/expansion comes on the heels of the building’s ongoing, $60 million capital improvement program, which is set to be finalized early this year. Upon completion, 437 Madison will boast entirely new infrastructure and amenities, including a private 8,870 square-foot 15th floor “sky lounge” with spectacular views of St. Patrick’s Cathedral and the Midtown skyline.
Lenchner notes that two ground floor retail units ranging from 598 square feet to 1,069 square feet are currently available for lease on the East 50th Street side of the building. He says that the spaces can accommodate a variety of potential uses, including a high-end restaurant, independent coffee shops, fast-causal eateries, and luxury retail. Asking rent is $300 per square foot.