"In an internal e-mail sent to Sotheby's staff on Thursday (2 October) morning, chief executive Charles F. Stewart wrote the move would be "very financially beneficial" and will allow Sotheby's to "further reduce debt and invest even more fully in our core business". The deal will lower the auction house's annual net costs, he says. Sotheby's staff were told that under the new deal, Weill Cornell are scheduled to move into the first four floors on 1 April 2026, while Sotheby's will lease the 7th to 10th floors."
"Sotheby's has called the former cigar factory and Kodak warehouse home for more than 40 years. The auction house moved in in 1980 after paying $11m for the space and spending an additional $140m on expansion and renovations. Sotheby's previously sold 1334 York Avenue in 2002-to help cover the auction house's debt amid the price-fixing scandal -for $175m to RFR Holding, the real estate firm founded by billionaire collecto"
Ownership of 1334 York Avenue will transfer from Sotheby's to Weill Cornell Medicine for around $510 million, according to Bloomberg. Sotheby's will relocate next month to the Marcel Breuer-designed Breuer Building on Madison Avenue, and the deal is expected to lower the auction house's annual net costs. CEO Charles F. Stewart said the transaction will be very financially beneficial and allow further debt reduction and reinvestment in core business. Weill Cornell will occupy the first four floors from 1 April 2026, while Sotheby's will lease the 7th to 10th floors. Sotheby's had occupied the York Avenue building since 1980.
#sothebys-sale #weill-cornell-medicine-acquisition #breuer-building-relocation #new-york-real-estate
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