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Sotheby’s Headquarters Secures $483M Refi
Newmark Knight Frank arranged a $483-million, floating-rate senior loan for the refinancing of the Sotheby’s headquarters at 1334 York Ave., on Manhattan’s Upper East Side. The NKF team was led by Dustin Stolly and Jordan Roeschlaub, co-heads of the New York debt & structured finance team, along with Chris Kramer, Nick Scribani and Dominick Calisto. The five-year loan was provided by Barclays.
The 506,000-square-foot 1334 York Ave. has served as Sotheby’s headquarters since 1980. “The building is of trophy quality,” said Stolly. “We were able to clearly illustrate this to lenders, which helped mortgage and mezzanine lenders feel especially comfortable with the investment in the post-COVID world.”
Roeschlaub said, “Seeing this deal through during the challenging environment is a testament to the perseverance of the Sotheby’s, Barclays and Newmark teams, respectively. We expect to have the mezzanine portion of the financing close in the near term as well.”
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- ◦Financing
