The permanent piece called "Meeting" at MoMA PS1 is an etherial experience of light and color and quiet. Sit and look through the cutout in the ceiling and watch the light change both outside and in. You can't tell what you're looking at until maybe a bird flies by.
I love sneaking over here in the middle of the day to see a movie - they always have the best selection of films. I recently saw Pina in 3D and The Kid with a Bike here, and another time I saw Bela Fleck play the banjo after a screening of Throw Down Your Heart.
The Chelsea Market is filled with great restaurants and speciality food stores and pop up shops. I love stopping in and getting a gourmet grilled cheese from Lucy's Whey or a healthy juice from raw food restaurant One Lucky Duck, while shopping for dinner ingredients at the Italian market Buon Italia. For a great sit down restaurant, I love The Green Table, which serves great farm to table food.