A museum in Midtown South has decided to sell its 80,000-square-foot facility. The Rubin Museum of Himalayan Art has appointed JLL to manage the sale of its six-storey building at 140–154 West 17th Street in Chelsea. This move is part of a strategic reorientation of its business model, shifting away from a single physical location.
The property, situated between the Avenue of the Americas and Seventh Avenue, was constructed in the mid-19th century and has served as the flagship home for the Rubin Museum since its opening in 2004. JLL has not disclosed an asking price, but the museum plans to use the proceeds from the sale to fund future programmes. These will focus on touring exhibitions and long-term loans of objects to other museums.
Unique Investment Opportunity in New York City
David Carlos, Head of JLL's Non-Profit, Education, and Government Services division, commented on the transaction: He highlighted that this is a truly unique property in New York City. Its rich history, institutional infrastructure, and architectural character make it exceptionally suitable for a variety of uses. He further explained that opportunities where a property can seamlessly adapt to cultural, educational, commercial, or mixed uses are exceptionally rare in today's market.
The building has an interesting history: In the 1980s, it served as a flagship store for Barneys New York as the luxury department store expanded its presence in Manhattan. A renovation by Beyer Blinder Belle at the time converted adjacent apartments into the store's women's department. In 2004, Beyer Blinder Belle adapted the building again to make it suitable for the Rubin Museum.
Strategic Reorientation and Sales Proceeds
Jorrit Britschgi, Executive Director of the Rubin Museum, emphasised JLL's expertise: The firm has a proven track record of working with leading non-profit and institutional organisations to maximise the value and impact of their real estate strategies. The Rubin Museum already closed its doors in October 2024 as part of its new strategy. This occurred 26 years after museum founders Donald and Shelley Rubin acquired the property from Barneys for 22 million US dollars.
