As previously reported
, West Chelsea's biggest non-profit art space, the Chelsea Art Museum
on West 22nd Street has been having a hard time paying its loans on the building bought by founder and director Dorothea Keeser in the late-90s. The Wall Street Journal
files an update
on the mid-sized museum's fate, which seems likely to find the institution closing by the end of next year at the latest, just shy of a decade after it opened, presumably in hopes of relocating. Keeser had until the beginning of this month to find a buyer for the building, which is otherwise at risk of foreclosure.
Though New York-based real estate developer Albanese Development Corp. is reportedly offering to pay $19.35 million to buy the building and keep the institution running through the end of 2011, the purchase wasn't secured by the deadline and last week the lender Hudson Realty Capital took control of the deed to the building. Next likely stop: bankruptcy court. More news on this sad state of affairs as it emerges. (ArtInfo)