As High Line Thrives, Rent Rises in Chelsea While Some Art Galleries Flee

In Chelsea these days, talk inevitably seems to come back to the High Line.

“It created a neighborhood where one didn’t exist,” said Christopher Albanese, principal at the Albanese Organization, after unveiling plans this month for a 10-story office building adjacent to the elevated oasis that cuts through the western end of the neighborhood.

Mr. Albanese said he got a taste of the potential for Class A office space near the park last year, when the company was able to lease the Chelsea Art Museum building to Hewlett Packard Co. within three months of putting it on the market. According to Cushman & Wakefield, there are only two Class A buildings in Chelsea, both fully occupied; the total vacancy rate in the district’s 83 office buildings is 3.9 percent.
Read More As High Line Thrives, Rent Rises in Chelsea While Some Art Galleries Flee