As Jim Jarmusch put it in the documentary Blank City, the address is roughly between Bowery, Avenue B, 14th Street and Houston. This area of the city is steeped in art, film, and music history; so many hugely influential artists, film makers, and musicians still live and work here. For such a small area, I think it's had more concentrated influence on contemporary art and culture than anywhere else.
Luhring Augustine did a good job of converting an old warehouse/storage facility into a blue chip commercial art gallery that stages four shows of contemporary art per year. Which means you can catch museum quality shows in an unlikely spot, away from all the Chelsea pomp, and it actually has friendly staff, instead of a cold gallerina sat behind a desk pretending to be on the phone.
I love how I walk around the city and bump into so many musicians. It's nice to see them rocking in the street and stopping busy New Yorkers from walking.