NEW YORK CITY-Suzanne Sunshine from S. Sunshine & Associates says that Chelsea art galleries may experience some difficulty when they renew their lease agreement for 10 years. The non-profit Cue Art Foundation, one of the clients of Sunshine, has obtained a 2012 renewal proposal, which will increase its overall rent and ride the organization out of the locality.
The new rent for the ground floor space would jump from $28 per square foot to $120 per square foot. For the full story, go to New York Post.
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