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Weill Cornell Buys Sotheby’s NYC Headquarters in Sale-Leaseback
Sotheby’s has sold its former headquarters on Manhattan’s Upper East Side to Weill Cornell Medicine for $510 million, Bloomberg News reported. The auction house agreed to lease back space in the 10-floor building at 1334 York Ave. as part of the deal.
“We will use the proceeds to further reduce debt and invest even more fully in our core business, including renovating our leased office space at York,” Sotheby’s said in a statement. “We’ll now have a best-in-class front of house, back of house and staff working environment, all aligned with our brand and client expectations, and all at a lower net annual cost.”
The York Avenue building, one block from the East River, was the home of Sotheby’s starting in 1980. The auction house is set to relocate to the Breuer building at 945 Madison Ave., which formerly housed the Whitney Museum of American Art, Bloomberg reported. Weill Cornell has leased space at 1334 York since 2023.
JLL’s David Giancola, Geoff Goldstein and Steve Klein represented Weill Cornell. CBRE’s Doug Middleton and Mary Ann Tighe represented Sotheby’s.
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- ◦Sale/Acquisition
