A piece of New York City history. This sprawling loft was once the home and dance studio of the late renowned choreographer Louis Falco of the 1980 motion picture 'Fame', and a legendary after-party destination for Studio 54. The 4,200 sq. ft. loft is spread over 2 full floors of live/work space. Four bedrooms (with plenty of room for more), 3 full bathrooms (with plumbing in place for a 4th), an office, and 3 separate living/entertaining spaces. This one-of-a-kind space is a true blank canvas, with no structural walls. The new owner can enjoy the current layout as it is, or completely customize the layout to suit their vision. (See only 1 of endless options for an alternate floor plan on the listing). The heart of this home is the breathtaking central living area that extends into a secondary den. The ceilings soar to over 18 feet at the core of the loft with 4 large windows. Currently the space is enjoyed as a home theater with an expansive retractable projection screen, but is also ideal for creative gatherings or studio use. The keyed elevator opens directly onto both floors. On the top floor, the doors open to the grand, south-facing kitchen, flooded with natural light, and a spacious dining and family room area perfect for entertaining. Also included here is an in unit washer/dryer. On the opposite end of this level, across a cat-walk, is a beautifully appointed library, two queen-sized guest bedrooms, and a full bathroom The existing kitchen pantry is ready to be transformed into another full bath, or proper laundry room. On the lower level, the elevator opens to the south facing primary suite which includes a serene, spa-like bathroom, walk-in closet, and a home gym/yoga studio. There is also a 3rd guest bedroom with full bathroom, a den, and a sizable office/5th bedroom. Situated in the heart of Chelsea, this home is surrounded by neighborhood favorites including Whole Foods, Fairway, Traders Joes, and Eataly. Also conveniently located near 10 subway lines and many iconic landmarks, including Madison Square Park, the Flatiron Building, the historic Chelsea Hotel, and the High Line. Whether you envision a grand loft home, a creative studio, or a hybrid live/work space, this architectural masterpiece offers limitless possibilities. The intimate five unit co-op has a video intercom security system, storage closet that transfers with the unit, and a bike room. The co-op also owns the ground floor commercial space which contributes to its financial stability and low monthly maintenance for its shareholders. Pets and sublets are allowed on a case-by-case basis. Live/work is allowed with minimal traffic. This loft offers a potential total of approximately 4,800 square feet (2,400 per floor), including the 600-square-foot double-height living room. The current livable space is approximately 4,200 square feet.