New York & Tri-State + Retail | December 7, 2020

Newmark Arranges $700M Financings on Sotheby’s HQs in NYC, London

On behalf of Sotheby’s, Newmark arranged a duo of financings for two distinguished Sotheby properties: a previously reported $483-million floating-rate senior loan to refinance Sotheby’s New York headquarters located at 1334 York Ave. on Manhattan’s Upper East Side, and a £150-million (US$201-million) floating rate senior loan for the refinancing of Sotheby’s London at 34-35 New Bond St.

The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, co-heads of the New York debt & structured finance team, along with senior managing directors Chris Kramer and Nick Scribani, and associate Dominick Calisto. The loan for Sotheby’s New York headquarters was provided by Barclays, while the Sotheby’s London financing came from Barclays and Prima Capital Advisors.

The 506,000-square-foot 1334 York Ave. is home to Sotheby’s sole North American auction salesroom, principal North American exhibition space, and Sotheby’s Financial Services. The auction house recently launched an enhancement program at the property.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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