Larry Gagosian’s $48-Million Mortgage on Chelsea Gallery Closed

Art dealer Larry Gagosian has closed the mortgage on his Chelsea gallery for $48.8 million, according to public records. Gagosian bought the 202 11th Avenue property—better known to gallery-hoppers by its 555 West 24th Street address—for $5.8 million in 1999 from mob heir Tom Gambino Jr. In becoming one of the first major galleries to move to Chelsea, Gagosian helped lead the art world’s Soho exodus.

Mortgage documents listed Gagosian’s home on Further Lane in East Hampton, Long Island, as well as the 24th Street gallery space as collateral. According to city records, there are other smaller mortgages on the property.