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Allcargo group company acquires two land parcels in Gurgaon for Rs 231 crore

September 28, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The first property piece, measuring 56.52 acres, was purchased for Rs 134 crore by Allcargo Inland Park pvt Ltd, and the second, measuring 41.06 acres, was purchased by Jhajjar Warehousing pvt Ltd for Rs 97.5 crore, as per documents accessed by analytic firm CRE Matrix.

TransIndia Real Estate Limited, an Allcargo Group company, has acquired two land parcels for warehousing with a combined value of Rs 231 crore in Gurgaon’s Farukh Nagar, two people aware of the deal said.

Both land parcels are located in the Model Economic Township (MET) of Reliance Industries.

The first property piece, measuring 56.52 acres, was purchased for Rs 134 crore by Allcargo Inland Park pvt Ltd, and the second, measuring 41.06 acres, was purchased by Jhajjar Warehousing pvt Ltd for Rs 97.5 crore, as per documents accessed by analytic firm CRE Matrix.

Both companies are subsidiaries of TransIndia Real Estate Limited.

The land acquisition is part of our strategy to expand our footprint in strategically located Grade A logistics parks with world-class amenities. The recent land acquisitions will enable us to develop warehousing and other logistics infrastructure in Farukhnagar, a strategic gateway to North India, with convenient access,” said Jatin Chokshi, MD TREL.

Allcargo has developed 5.5 million square feet of Grade A logistics parks in key locations, including NCR Delhi, Bengaluru, Hyderabad, and JNPT in MMR Mumbai. The global logistics conglomerate has just completed the sale of a portion of its logistics parks portfolio to Blackstone Group, a global private equity investor.

This transaction involves the transfer of assets in Bengaluru, Hyderabad, and Goa, while the NCR, Hosur, and MMR regions will remain under the company’s ownership.

Following the demerger, the new real estate company also has plans for additional projects totaling about 8.6 million square feet, which it is pursuing on its own balance sheet.

“Indian economy is growing at breakneck speed. Offices, malls, and homes have all matured real estate assets over decades, while warehouses are still few, and institutions and corporations are taking a lot of interest in this asset class,” said Abhishek Kiran Gupta, CEO & co-founder of CRE Matrix & IndexTap.com.

Due to sustained leasing activity expected in the second half of the year, I&L space take-up is likely to touch 36–38 million square feet in 2023, marginally higher than the 2022 levels.

Supply addition is expected to reach about 28–30 million square feet by the end of 2023; projects by larger developers backed by institutional funds are expected to constitute 40% of the completions.

Nikhil Bothra, Director, EPACK PREFAB, said there was huge demand for pre-engineered structures for warehouse construction, which is a response to the need for rapid, cost-effective, and sustainable solutions in a dynamically evolving business landscape.

“As we observe substantial growth in the retail and e-commerce sectors, especially in tier 2 and tier 3 cities, the need to expand and upgrade warehouse capacities becomes paramount,” he said.

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Filed Under: Industry allcargo, gurgaon real estate, gurgaon land, gurgaon land price, transindia real estate, transindia..., land parcel map, suffered rs 437 crore hit due to staff rampage in kolar unit, from studying under a tree to earning rs 153 crore per day meet jay chaudhry the 10th richest indian, thyssenkrupp is the l1 bidder at a bid price of rs 1298 crore, rs 5000 crore to usd, one manufacturing company acquires another manufacturing company which is in a different industry, rs 68 crore in usd, rs 68 crore to usd, rs 10000 crore in pounds, rs 10000 crore

Localities set sights on foreign-invested project windfalls

September 29, 2023 by vir.com.vn Leave a Comment

The northeastern province of Quang Ninh has decided to establish a task force whose ultimate job is to lure in large-scale foreign-invested enterprises as soon as 2025.

Vice Chairman of Quang Ninh People’s Committee Bui Van Khang, who was appointed the head of the task force, immediately organised a meeting to assign work to members.

“To build a detailed and specific project to pull in foreign investors, departments and relevant authorities need to determine the specific sectors and the portfolio of schemes calling for funding. In addition, the task force will combine detailed targets about capital volume for each specific schedule, attached with specific solutions,” Khang said.

The province will also organise investment promotion events in developed countries to approach groups that own source technology or lead supply chains, Khang added.

The task force is assigned to compile specific and detailed criteria to lure investors and submit to the committee before the end of the year.

To enhance competitiveness in attracting such capital, Quang Ninh has collaborated with other localities such as Haiphong, Hai Duong, and Hung Yen to build economic links based on promoting the potential and advantages of each locality, increasing the growth rate, and forming a growth pole in the Red River Delta.

When united, the four localities could boast the conditions to form a dynamic economic development area that includes a large international seaport in Haiphong, land and sea border gates with the China in Quang Ninh, an international airport, and abundant human resources.

This is one of a series of programmes to realise the Eastern Expressway Economic Connection Cooperation Agreement that was signed in July 2022 by the Vietnam Chamber of Commerce and Industry and the four localities.

Elsewhere, Hanoi, Nam Dinh, and Bac Giang are also focused on attracting high-tech projects with large amounts of capital, in tandem with Haiphong.

Vice Chairman of Bac Giang People’s Committee Phan The Tuan said, “The province spends priority selecting large projects with the direction of sustainable development with zero pollution and high technology. It will also focus on developing the eco-industrial system to engage funding methodically.”

Production line of Hana Micron Vina at Van Trung Industrial Park, Viet Yen district (Bac Giang), photo:tapchicongthuong.vn
Production line of Hana Micron Vina at Van Trung Industrial Park, Viet Yen district (Bac Giang), Source: tapchicongthuong.vn

With that direction, Bac Giang is gaining momentum. Last week, South Korea’s Hana Micron Vina Co., Ltd. inaugurated a semiconductor plant in the northern province. The new venture, located in Van Trung Industrial Park, is the second Bac Giang-based factory from Hana Micron Vina, which manufactures integrated circuit boards used for mobile phones and other smart electronic products.

The first factory came into operation in 2022. With the second factory, Hana Micron Vina’s total investment in Bac Giang has reached nearly $600 million.

Chairman Choi Chang Ho said Hana Micron Vina plans to increase its total fundingt to over $1 billion by 2025, generating annual revenues of $800 million and creating 4,000 jobs for Vietnamese workers.

Meanwhile, Ho Chi Minh City wants to entice 50 high-tech projects worth $3 billion by 2025, according to the city’s Department of Planning and Investment.

To realise this, the city crafted a plan for this decade in which the city expects strategic investors to pour an average of VND30 trillion ($1.26 billion) into manufacturing initiatives and at least VND3 trillion ($126 million) in research and development (R&D) centres.

Tran Viet Ha, deputy head of Ho Chi Minh City Export Processing and Industrial Zones Management Authority, said the city wants to see more ventures in the digital economy, electrical tech, semiconductors, and high-tech agriculture, among others.

“The city is also expanding available land for larger groups. At present, more than 10 industrial real estate developers, such as LOGOS and Techtronic Industries, are interested in developing industrial parks in the city,” Ha said.

In June, the National Assembly approved pilot implementation of specific policies for the development of the city, which took effect in August. According to the plan, companies can make a 150 per cent additional deduction for expenses related to R&D. Regarding criteria, the city’s portfolio of industries and professions to pull in strategic investors in innovation facilities and R&D centres, as well as in tech transfer in IT, biotechnology, automation, new material tech, and clean energy, is valued at around VND3 trillion ($126.5 million).

In addition, priority projects include investment in the semiconductor integrated circuit industry, design technology, component manufacturing, integrated electronic circuits, flexible electronics, chips, battery technology, and more with capital of VND30 trillion ($1.26 billion) upwards.

By Oanh Nguyen

Filed Under: Uncategorized FDI, foreign-invested project, Quang Ninh, Bac Giang, Investing, Quang..., foreign investment in china, foreign investment policy, foreign investment review board, foreign investment promotion board, foreign investment, foreign investments, Foreign Investment Law, foreign investment act, Foreign Investment in Real Property Tax Act, local setting

Mekong Delta beckons real estate investors

September 29, 2023 by bizhub.vn Leave a Comment

A road widening project, a key one in Bến Lức and Đức Hòa districts in the Mekong Delta province of Long An. The delta is becoming a hotspot for investors seeking long-term returns in the real estate market. — VNA/VNS Photo

The Cửu Long (Mekong) Delta, known as Việt Nam’s “rice bowl”, is emerging as a promising destination for real estate investment due to its improving connectivity and transportation infrastructure and growing tourism, according to industry insiders and experts.

Lê Bảo Long, strategy director at Batdongsan.com.vn , said the improving transportation creates opportunities for housing developers.

An estimated VNĐ20 trillion (US$818.64 million) is set to be invested in the region in the construction of new expressways and bridges, he said.

There will be 760km of expressways by 2030, and 1,180km by 2050.

Lê Quyết Tiến, director of the Construction Investment Management Department under the Ministry of Transport, said key infrastructure projects such as the Rạch Miễu 2, Mỹ Thuận 2, Đình Khao, and Đại Ngãi bridges would be completed over the next few years.

The region already has expressways like Bến Lức-Trung Lương, Trung Lương-Mỹ Thuận, Cao Lãnh-Lộ Tẻ, and Lộ Tẻ-Rạch Sỏi.

These not only improve transportation but also stimulate the real estate market, he said.

The impending completion of projects like the Mỹ Thuận-Cần Thơ Expressway, Mỹ Thuận 2 Bridge, Cà Mau bypass, upgrades to the Hậu River (phase 2) and Chợ Gạo Canal (phase 2) will improve infrastructure.

The Chợ Gạo Canal will allow large vessels to sail easily.

Đặng Hùng Võ, former deputy minister of Natural Resources and Environment, said key factors that make the property market in the region attractive are the favourable natural conditions and climate.

It could thus potentially attract people from all over the country and foreigners to come and live and work there, he said.

Real estate projects connected to the agricultural eco-system and sustainable and smart tourism would be highly attractive to investors, he added.

The region holds great potential for agricultural and seafood exports.

It also attracts a lot of FDI in industries such as clean energy and logistics.

The recent approval of the regional plan for 2021-30 by the Government shows its commitment to developing the region.

Under the plan, trade connections within and beyond the region will be enhanced, which presents opportunities for investors to develop real estate projects.

Dương Quốc Thủy, chairman of the Cần Thơ City Real Estate Association, said abundant land at low prices and a large and affordable labour force make the region an attractive destination for property investors.

“The market is still relatively new and less volatile, reducing the risk of speculation and price manipulation.” — VNS

Filed Under: Uncategorized real estate investors, Mekong Delta, Property, podio for real estate investors, real estate investor ebook, e myth real estate investor pdf, h&r real estate investor relations, m&g real estate investor relations, m objekt real estate investor relations, bouwinvest real estate investors, real estate investor how to find properties, real estate investor top, top real estate investor conferences 2022

How Chelsea Became the Unlikely Center of the Art World

September 28, 2023 by www.nytimes.com Leave a Comment

THE NEW YORK art dealer Pat Hearn was two days away from signing a fresh lease on her gallery space in SoHo when the phone rang on a snowy Sunday night in the spring of 1994. Paul Morris, a fellow dealer who knew she was restless, suggested that they open galleries in Chelsea. “Why would I move to Chelsea?” Hearn recalled thinking. The formerly industrial neighborhood was a better place to get an oil change than to see an exhibition. SoHo was the undisputed heart of the downtown art world. But Hearn was intrigued, and she spent the next day with Morris visiting warehouses near the Hudson River. The installation artist Tom Burr, who showed with Hearn’s partner, Colin de Land, recalled her bursting into a restaurant sometime later and describing the new space she’d found: a former garage on West 22nd Street. Burr thought Hearn was crazy. “It just seemed so completely remote and inconceivable,” he said. “Going over to the Far West Side really did feel like you were traveling to the end of the earth.”

To the south was the meatpacking district, where carcasses still hung from hooks outside of the neighborhood’s namesake packing plants. To the north, 26 acres of train yards. West Chelsea was home to body shops, scrap yards, sex workers and leather bars. “In broad daylight, Chelsea is desolate; after dark, it’s downright forbidding,” New York magazine declared as late as 1996. On the decrepit freight tracks looming above the buildings near 10th Avenue, little stirred except squeaking bats. Leaking gas tanks littered the streets. “It was really scary,” said the sculptor Joel Shapiro.

Within 10 years of Hearn’s arrival, the area once referred to as Gasoline Alley would develop the densest concentration of art galleries to ever exist. By 2007, there were roughly 350 galleries packed on a stretch between 10th Avenue and the Hudson River spanning about half a mile. And then, just as quickly, it became one of the city’s most expensive residential zones. One dealer told me she sees the neighborhood as a “monument to real estate developers.” In recent years, small and midsize galleries have been priced out. Many are leaving or have already left. And dealers who spent decades in Chelsea feel a deep ambivalence toward the neighborhood — one that may reflect a more profound discomfort with the ways in which the perceived value of art and the business of selling it have transformed in recent years.

Still, Chelsea provides something rare in a city where museum admission can cost $30. Exhibitions are always free and, as some dealers note, viewers can decide for themselves whether what they’ve seen is any good. “Unlike institutions, where you go in and there are wall labels and explanations and you think, ‘That’s what I’m supposed to believe,’ you can walk in[to a gallery] without even looking if you want,” said the gallerist Andrea Rosen. Nonetheless, she closed her primary exhibition space in Chelsea in 2017, partly because the industry had come to feel more corporate than the art world she remembered.

Some of the most dramatic contrasts between Chelsea’s past and uncertain future exist on West 21st Street between 10th and 11th Avenues. A succinct history of the neighborhood is written in the buildings and voids on the block: small forklifts trundle in and out of one of the neighborhood’s last active warehouses, Kamco Supply Corp., a squat brick depot squeezed beneath the steel girders of the High Line, an elevated park on the formerly derelict freight tracks that ranks among the city’s most popular tourist attractions. The broad one-story building down the block belongs to Larry Gagosian and is one of 19 galleries in seven countries — three of which are in Chelsea — bearing his name. As much as any other dealer, Gagosian engineered the multinational model for selling art. In the middle of the block is the veteran dealer Paula Cooper, who founded one of the first galleries in SoHo in 1968, where artists like Donald Judd and Sol LeWitt showed their early work. She moved to Chelsea, converting a defunct factory with dirt floors and a dropped ceiling into an airy space with large skylights and soaring rafters, in 1996. Right next door and stretching to the corner, where the sidewalk ends in the rush of the West Side Highway, is a sprawling vacant lot, where several properties were razed to make way for a luxury complex designed by the architect Renzo Piano, complete with condos, multiple pools and new headquarters for David Zwirner, Gagosian’s chief rival in mega-gallerydom. Construction stalled in 2020 when the condo market tanked during the pandemic and has yet to resume.

Cooper is, in many ways, one of the last icons of an art world that has been mythologized as smaller, smarter, more authentic and less concerned with profit. Today, she said, “It’s just everybody out for themselves and it’s very competitive.” She was sitting in her office, at what may be one of the last desks in New York with a Rolodex but no computer. Many of her marquee artists, including Judd, the artist who designed that desk, left her gallery for international behemoths like Pace, but a more immediate threat to her business is that construction site next door. In 2018, Cooper noticed cracks appearing in the walls facing the lot. “We had to rebuild the whole corner,” she said, a process that led to a four-year absence from the space. When she returned to West 21st Street, there was a steel beam buttressing the library and a second-floor window filled in with bricks. The lot outside is still strewn with piles of rusting rebar, sheets of warped plywood, trash, gravel and tarps flapping in the rain. The developers have filed to place the property under bankruptcy protection — and recently accepted a bid on it. (Zwirner is no longer involved.) “I dread when someone starts building again,” Cooper said.

CHELSEA WAS NOT the first industrial neighborhood in Manhattan to become an arts district. In the decades following World War II, the area south of Houston Street was known as Hell’s Hundred Acres. Fires, as the name suggests, were a constant threat to workers in the crowded sweatshops, printing plants and factory lofts stacked within its 19th-century buildings. As businesses folded or shifted production overseas during the 1960s, entire floors sat empty. The city was poised to level the area, widely considered a commercial slum, to build a multilane expressway spanning downtown Manhattan proposed by city planner Robert Moses. No sane business owner would sign a new lease or make a purchase in a seemingly doomed neighborhood. Artists, however, did both. Their dealers soon followed and, in time, so did affluent residents and retail that drove away most of the artists and galleries from SoHo.

It didn’t seem possible during the 1960s, when artists began claiming empty sweatshops as homes and studios, that SoHo could change as dramatically as it did. The ceilings were high and the prices were low, but the spaces were raw. Most lacked kitchens, bathrooms and basic utilities. Making a loft livable was not only physically demanding — one artist couple hauled nine tons of trash out of a defunct zipper factory on Prince Street — it was also illegal. A surprise building inspection could spell eviction. Some residents distributed household garbage in cans throughout the neighborhood to avoid calling attention to any one corner. George Maciunas, a founder of the avant-garde movement Fluxus, planted trees in front of his building to hide the electrical wiring he’d installed.

The uncertain conditions fostered a tight-knit community and inspired rare levels of collaboration between painters, sculptors, dancers, video artists and composers. The whole neighborhood became an impromptu stage and infinite source of materials. Trisha Brown choreographed dances on the rooftops and facades of cast-iron buildings. In 1966, the sculptor Richard Serra rallied his friends Chuck Close, Philip Glass and Steve Reich to haul truckloads of rubber from a warehouse on West Broadway back to his loft. “It was like getting a grant,” he later said. A gallon of black enamel paint, the artist Frank Stella told me, cost $1 at local suppliers. Artists joined the grass-roots campaign, led by the writer and activist Jane Jacobs, to defeat the proposed expressway, which succeeded in 1969. They secured the legal right to occupy their lofts in 1971. The SoHo Cast-Iron Historic District won the protection of the Landmarks Preservation Commission two years later, safeguarding it against demolition for new development. For a time, wrote the Fluxus artist Douglas Davis, SoHo was a “forbidden zone, an artistic red-light district that scared away at least half of the affluent and commercial types it eventually seduced.”

But during the ’80s, after New York had bounced back from near-bankruptcy, SoHo began to attract more money, and more tourists. By the ’90s, one of the neighborhood’s most prominent dealers, Mary Boone, was complaining in an interview of “hordes of people” coming into the galleries. Josh Baer, an art adviser and former dealer, griped to The Washington Post about hoi polloi “carrying ice cream and asking to use the bathroom.” The art world, which has always had a reputation for insularity, had difficulty maintaining its rarefied status in the face of such rapid change. Designer boutiques began leasing ground-floor spaces, and retail giants like Banana Republic, Eddie Bauer and Pottery Barn colonized the cast-iron buildings. The influx of stores predictably drove up rents and property values, forcing artists and dealers to decamp. Annina Nosei rented the Prince Street space where she’d helped launch the career of Jean-Michel Basquiat to the Prada offshoot Miu Miu. Barbara Gladstone Gallery, which showed the maverick performance artist Matthew Barney, became a Vivienne Tam boutique. A smaller gallery, Cristinerose, transformed into an Eileen Fisher store. Chelsea may never have become a gallery district if SoHo hadn’t so rapidly turned into a shopping mall.

Nonprofits were the first cultural institutions to put down roots in Chelsea. Noise complaints drove the Kitchen, an experimental art and performance venue, from SoHo to a former icehouse in West Chelsea in 1985. The Dia Art Foundation opened a public exhibition space on West 22nd Street two years later. The remoteness of Chelsea was a natural fit for Dia, an organization known for maintaining ambitious projects in far-flung places, from the Great Basin Desert of Utah to the once-sleepy town of Marfa, Texas.

Dia became a reassuring anchor for dealers, who began visiting the West Side to see shows. At a holiday party in 1993, the dealer Matthew Marks told Dia’s then-director, Charles Wright, that he couldn’t find adequate space in SoHo. Wright recommended a garage down the block. Marks blew his savings on the building. His new gallery opened in the fall of 1994.

Marks expected that other dealers would follow, but not as quickly as they did. Hearn, Nosei, Carol Greene, Morris and Tom Healy opened Chelsea galleries in 1995. Soon, Marks was ready for a second space, and split a former cutlery factory on West 24th Street with Gladstone and Metro Pictures. At the time, one-story buildings were selling for $50 to $70 per square foot. Cooper, Lisa Spellman of 303 Gallery, the business partners Christopher D’Amelio and Lucien Terras and the couple Jessica Fredericks and Andrew Freiser followed in 1996. By July, the migration had become so conspicuous that Art Club2000, a young collective, was conducting interviews with Chelsea transplants for an exhibition called “SoHo So Long.” “I was incredibly surprised, and still am, that it’s all happened so fast,” Marks told them. “I thought, ‘Well, within five years I bet someone else will have moved.’ It was not even within five years, it was before I had even finished construction.”

For some of these pioneers, the romance of the frontier was strong. “We’re the only people who get to use an Exxon station as a deli, that’s really cool,” Freiser told Art Club2000. Greene praised the neighborhood’s “industrial qualities” and “social situation … the prostitution at night, things like that.” The position of West Chelsea, “an environment that was a bit on the margins” she said, complemented her program, which was also “pushing the edge.” Those who remember the bad old days in Chelsea sometimes describe it as barren or a wilderness. But while West Chelsea may have lacked restaurants and residents, it was hardly a wasteland; family businesses like Brownfeld Auto Service, which opened as a horse-and-buggy repair shop in the 1890s, had been neighborhood fixtures for decades. Still, the sense of apartness — what Andrea Rosen described as the incredible “nonspace” of the neighborhood — restored the otherworldly magic presumably compromised by SoHo’s crowds. Chelsea required a pilgrimage and rewarded those who made the trek with unpredictable encounters. Behind every heavy glass gallery door was another way of seeing the world.

Others saw Chelsea as a necessary move, but not an attractive one. “We had no choice,” said Wendy Olsoff, a co-founder of PPOW, a gallery championing queer and feminist artists that had in 1988 already reluctantly moved from its first space in the East Village to SoHo. By 2002, not even the unsophisticated mobs dealers once complained about were bothering to visit the remaining galleries. “We would have a show in SoHo that would get enormous press, and still people wouldn’t come,” said Olsoff. Her business partner, Penny Pilkington, kept an informal tally during the brief period when they had spaces in both neighborhoods. “I remember sitting in Chelsea and counting 400 people on a Saturday afternoon,” she said. “And in SoHo there were five.”

If the narrow, intimate streets of SoHo enhanced its bohemian aura, Chelsea, in turn, was vast, humorless and, in the words of several dealers, ugly. “I would agree that there’s something really depressing about Chelsea,” said Derek Eller, who opened his first gallery there in 1997 and is now based on the Lower East Side. “It just felt gray all the time.” Nevertheless, it had available space — and enormous garages and warehouses, as well as multilevel buildings where small galleries and artists’ co-ops could cluster together on upper floors for cheaper rents. In Chelsea, it was possible for someone young like Eller, who waited tables on his days off, to start a business. He renovated his first upstairs space by hand with a friend from art school, paid $1,300 a month in rent and immediately got coverage in The Times.

And if Chelsea was bleak, that suited the moment. The art world was haunted by the losses it suffered during the AIDS crisis. Galleries remained wobbly after a recession in the early 1990s that forced several to shutter. The apocalyptic fin de siècle sensibility “allowed people to embrace the cheerlessness of Chelsea,” said Ann Fensterstock, an art collector and the author of the 2013 history of gallery nomadism “ Art on the Block: Tracking the New York Art World from SoHo to the Bowery, Bushwick and Beyond .” The zeitgeist is what prompted them, she said, “not only to put up with the tough structures” in West Chelsea but to say, “We don’t want gorgeous columns. We want brick.”

THE CHELSEA GALLERIES grew their footprints as the art market boomed with the expansion of global wealth. Between 1997 and 2007, the number of billionaires worldwide more than quadrupled, from around 200 to almost 1,000. Western tycoons, along with new buyers from China, Russia and the Middle East, increasingly invested their wealth in contemporary art. Even during the early 1980s, when collectors had spent then-unprecedented sums on newly minted stars like Julian Schnabel during the Reagan-era stock market boom, auction records for these young artists were in the high five figures. The work of living artists only truly began to deliver exponential returns 20 years later, when contemporary art began to outsell Modern and Impressionist works at auction for the first time. In 2007, for instance, the collector Adam Lindemann consigned to Sotheby’s “Hanging Heart (Magenta/Gold),” a scaled-up valentine bauble rendered in stainless steel by Jeff Koons. Lindemann had purchased the piece in 2003 for about $1.2 million. It sold at auction for $23.5 million four years later.

The larger Chelsea galleries rose to meet the growing demand for contemporary art by opening new branches and representing more artists than ever before. David Zwirner, among the last heavyweights to abandon SoHo, made up for lost time when he arrived in 2002, establishing three Chelsea galleries in four years: large, open spaces with lots of natural light that seemed tailor-made for exhibiting art. “Try to find that anywhere in New York, or anywhere in the world in a densely populated area,” he said. The lucky dealers — those who invested early, or had the financial means to do so later — bought their spaces. Owning property, Zwirner said, “is a wonderful thing: You’re not beholden to a landlord who can just kick you out.” Soon, the supply was exhausted. “I have dealers aching to buy, but there’s nothing to sell,” the real estate agent Susan B. Anthony told the Observer in 2005. She helped find Gagosian his largest Chelsea space, on West 24th Street, a former garage that cost $5.75 million in 1999. Anthony estimated that it was worth $50 million six years later.

Chelsea “played a significant role” in the growth of the contemporary art market over the last 20 years, said Gagosian, who had moved from SoHo by 2000. (He operated a gallery in Chelsea from 1985 to 1988 but did not settle there permanently until the neighborhood had gathered some momentum.) The buildings in Chelsea, he said, allowed dealers to do “more ambitious shows,” with larger works and more of them than had been possible in the comparatively compact lofts of SoHo, where exhibition spaces were typically interrupted by columns.

By expanding both their physical footprints and their artist rosters, dealers could increase supply and bolster their gallery’s profile in a newly competitive industry. Physical growth proved especially important in Chelsea, which had become the art world’s most prominent and prestigious stage. To date, most of the artists Gagosian represents, he said, “feel that Chelsea is more relevant” and “just more part of the contemporary art world” than uptown Manhattan, Paris, Berlin or any other city with a gallery scene.

The cultural scene in Chelsea did not go unnoticed by New York bureaucracy. Whereas the architectural character of SoHo was largely protected by its landmark status, Chelsea was seen as a kind of blank slate. In 2005, the administration of Michael R. Bloomberg, then the city’s mayor, rezoned West Chelsea from manufacturing to mixed use. The decision was key to the mayor’s larger plan for the West Side, which included the developments of the High Line and Hudson Yards, the largest mixed-use private real estate venture in American history. The zoning proposal boldly claimed that it was designed, in part, to “enhance the neighborhood’s thriving arts district.”

Nothing contributed to the current tensions in that district more directly than the rezoning. Not long after the decision took effect, the real estate blog The Real Deal forecast the construction of 5,500 mostly luxury housing units in West Chelsea. “Everything is a [residential] development site, and there is not a gallery that can compete with a developer,” said one broker. A new provision allowed the owners of one-story properties under and next to the High Line, who couldn’t build upward, to sell their untapped vertical space to developers, who could use it to swell the size of nearby projects. Frank Gehry, Zaha Hadid, Shigeru Ban, Jean Nouvel and other blue-chip architectural firms conjured glass towers that turned airy streets into slot canyons. “It became kind of annoying,” said Gagosian. “There was constant noise and construction and jackhammers. You couldn’t drive down the street because it was blocked with cranes. It kind of ruined the experience of going to look at art.”

In 2011, the High Line Art program launched a series of commissions that gave artists access to a large billboard facing the park. The first installment, by the conceptual artist John Baldessari, depicted a giant $100,000 bill. The program’s curator, Cecilia Alemani, called the piece (which went up that December) a “perfect complement to the holiday season.” It was an even better metaphor for a neighborhood in which air suddenly carried a premium.

Not everyone lamented the building craze. “It made it a bona fide neighborhood,” said Zwirner, who added that while he’s “disappointed by most of the architecture,” the residential population has attracted more restaurants to the area. “When we came to Chelsea, there was one place to have lunch.” These changes hit the small and midsize dealers who did not own their spaces harder, however. “We started to get really closed in,” said Leslie Tonkonow, who could see the Hudson River from her modest sixth-floor gallery on West 22nd Street before the condos went up. “It became more difficult for a small business like mine to grow into a larger space because the real estate prices had increased so much.” Within a five-minute walk from the High Line, market values increased by 103 percent from 2003 to 2011.

Betty Cuningham was among the first to leave. The building in which she rented, valued at roughly $9 million when she arrived in 2004, sold for $160 million in 2014, the year she moved. A wave of smaller galleries showing emerging artists followed her to the Lower East Side.

Even as galleries left, developers continued to capitalize on their cultural cachet. The degree to which art became one more lifestyle amenity to rattle off in a sales pitch during this period was something new. The Getty Residences, a luxury building on the former site of a gas station, for instance, bills itself as “a work of art” and assures the prospective occupant that, by making the discerning choice to live there, “the buyer becomes the curator.” In 2009, when Tesla opened a dealership inside a former art space on West 25th Street, a representative said, “We wanted to keep the feel of a gallery.”

THE ART WORLD is an odd industry. Most other businesses prefer not to operate next door to their closest competitors, but art galleries flock together. When the most recent group of Chelsea dealers were ready to leave, they found a new frontier together.

TriBeCa, the neighborhood just south of SoHo with similar cast-iron loft buildings, has rapidly become the art world’s liveliest downtown hub. Since 2019, at least 40 galleries have opened there, including Andrew Kreps, James Cohan, Kaufmann Repetto and other Chelsea transplants. Although residential spaces there are among the most expensive in the city, ground-floor retail is relatively affordable.

On a recent Friday night in TriBeCa, a woman wearing a black tutu, clunky Mary Janes and bridal veil made her way through constellations of people smoking cigarettes and sipping cans of Mexican beer outside the galleries on Walker Street. The opening receptions for several summer shows had drawn crowds spanning several generations and scenes. A lanky 20-something with a lime green purse, long blond hair and a thick mustache who wore a sequined crop top spelling out “Grindr” over a dress shirt contemplated a sculpture made of phallic, latex-covered pillows in Chapter NY, one of the edgier galleries on the strip. The viewers were gregarious; the warm air felt effervescent. It was both entirely new and the latest chapter in a familiar cycle.

“It’s great to be in an area where midsize galleries can really distinguish themselves,” said Cohan, who moved to TriBeCa in 2019 after his Chelsea landlord announced plans to level the gallery and build a tower. Like the other dealers I interviewed, Cohan said TriBeCa feels more collegial than Chelsea did by the time he left. There are big galleries here — Zwirner and Pace have added outposts in the past two years — but unlike in Chelsea, where many megadealers own property, almost everyone in TriBeCa rents. Olsoff, who moved her gallery to TriBeCa in 2021, said it doesn’t feel as though there are “the haves and the have-nots.”

In an ironic reversal of the flight from SoHo, some prospective TriBeCa galleries are taking over clothing stores. The Chelsea dealer Alexander Gray is currently renovating a former sportswear shop in what was originally a manufacturing building on Broadway. I asked Gray if he worries about losing this space when his lease is up in 10 or 20 years. Is he worried about the galleries moving on; about having to do it all over again? He paused before replying, “Is acceptance the same thing as worry?”

Filed Under: Uncategorized Chelsea, Dia Art Foundation, Pat Hearn, Andrea Rosen Gallery, Paula Cooper, David Zwirner Gallery, Larry Gagosian, T Magazine, artsissue2023, Chelsea (Manhattan, ..., getty center art, epcot center disney world, 35th chelsea international fine art competition, unlikely boomtowns the world's hottest cities ielts reading answers, unlikely boomtowns the world's hottest cities reading answer, unlike renaissance art baroque art is characterized by its, children's discovery center 5 world trade center, golden 1 center art piece, the 37th chelsea international fine art competition, storm center art

$250M in loans seen from IFC

October 24, 2012 by business.inquirer.net Leave a Comment

International Finance Corp. expects to extend up to $250 million in loans to the Philippines in the fiscal year ending June 2013, saying it is keen on providing credit support for Filipino firms in the financial and infrastructure sectors.

IFC, the investment arm of the World Bank, said it was eager to help the country achieve its infrastructure-development goals by providing loans to enterprises investing in projects under the public-private partnership (PPP) program.

IFC also wants to extend loans to Philippine banks to help them meet the higher capitalization requirements under Basel 3, which will be implemented by 2014. Basel 3 is an updated set of international standards on bank regulation that calls for better quality of capital among banks.

Jesse Ang, IFC’s country head for the Philippines, said IFC’s loans to the Philippines over the past five years were expected to hit the higher end of the $200-million to $250-million loan range by the end of the fiscal year ending June 2013.

Ang said IFC was elated that several PPP projects were already moving, with bidding and other preparations being done by the government. He cited the Light Rail Transit extension and the Naia Expressway projects as among those that IFC would likely support, particularly through loans to the private-sector investors.

Under the PPP program, the government invites private firms to invest in public infrastructure projects. The objective is to help achieve the country’s need for infrastructure development even as the national government remains confronted with budgetary constraints.

Public infrastructure spending in the Philippines is estimated to be below 3 percent of the country’s gross domestic product, much lower than the average 5 percent in Southeast Asia.— Michelle V. Remo

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