centerlogobigAAD logo

enarzh-CNnlfrdehiplrues
Art

Open for just two years the built from scratched fortress/freeport in Harlem named Arcis has told all of its clients it is ending operations by October 31st. Built at a cost of $40 million the structure was the only Freeport operating on the island of Manhattan

A9DB119C 440F 4E88 A474 FB87A72C6CD7

Manhattan’s first freeport, a windowless five-story warehouse in Harlem designed to store $2.5 billion worth of blue-chip art, is closing after two years.

Named Arcis, which means stronghold or citadel in Latin, the building was developed by Cayre Equities at a cost of more than $40 million and includes 110,000-square-foot of space and security features such as retina scanning. It was built on a lot designated as a foreign-trade zone, meaning that the merchandise inside isn’t subject to U.S. duty or excise tax.

Read more on Bloomberg:

https://www.bloomberg.com/news/articles/2020-09-02/fortress-in-new-york-storing-million-dollar-art-to-shut-down

48E98CD1 FBCE 442E BC93 AD2170F2FC6E

You may also like to read: 

New-York Historical Society Gifted Big Apple-Themed Art Collection

Stuck in Upstate New York. It took the art of Charles Burchfield to help me rediscover the beauty of its winters

New York City Museums Ready to Reopen, but Some See Unclear Future 

About the Author

AAD REPORTS

AAD REPORTS

AAD REPORTS   Reports, news and opinion from Art-Antiques-Design.com