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Bloomberg Philanthropies Pays RFR $560M for 980 Madison
Bloomberg Philanthropies, led by former NYC Mayor Michael Bloomberg, has acquired the Upper East Side property housing the Gagosian Gallery for $560 million from RFR Holding. Bloomberg previously leased a majority of the property and intends to use it for his family office.
RFR purchased 980 Madison Avenue in 2004 for about $118 million, positioning it as a hub for the New York art scene. The property has been home to Larry Gagosian’s gallery since 1987, expanding to occupy 56,331 square feet. However, Bloomberg’s lease led to Gagosian’s impending departure in April 2025.
The sale comes amid financial challenges for RFR, with approximately $2.5 billion in loans due or maturing soon. Bloomberg’s acquisition, facilitated without brokers, clears RFR’s debt concerns related to the property.
- ◦Sale/Acquisition
