Small Chelsea Galleries Worry About Being Squeezed Out of the Neighborhood

As development booms in Chelsea, some smaller arts spaces say they're worried about being squeezed out of the neighborhood.

"It's the story that I hear over and over again for different reasons," said Katya Kazakina, who is covering the story for Bloomberg News. "Some people are priced out, you know, they just can't afford the new rent, in other cases, buildings that they occupied were sold to developers and then flipped and resold."

Kazakina points to Peter Blum and Sean Kelly as two gallery owners who recently moved out of Chelsea, as larger galleries, like Hauser & Wirth and David Zwirner, expanded in the neighborhood. Kazakina said some of the galleries that helped transform Chelsea into an arts destination are now being priced out.

"Even a small gallery, like a small like 900 square-foot gallery could be on the market for $11,000 a month," she explained. "That's a lot of money for midsize galleries to pay. Read more of Kazakina's interviews with Chelsea gallery owners and artists by clicking here.