Sotheby's Sells Historic York Avenue HQ to Weill Cornell Medicine
Sotheby's has sold its historic New York headquarters at 1334 York Avenue to Weill Cornell Medicine, marking the end of a nearly four-decade tenure. The sale, confirmed by Sotheby's CEO Charles Stewart, will see the renowned auction house relocate to the Breuer Building on Madison Avenue and Weill Cornell Medicine establish a research facility in the York Avenue building.
Sotheby's, which occupied the York Avenue building since 1980, sold it in 2003 due to debts related to a price-fixing scandal. The building was later owned by RFR Holding, the real estate firm founded by Aby Rosen and Michael Fuchs, before Sotheby's repurchased it in 2009 for $370 million. Now, Sotheby's has sold the building again, this time to Weill Cornell Medicine, which has already taken possession of the fifth and sixth floors and plans to open a research facility there.
Under the terms of the sale, Sotheby's will lease back floors 7-10 of the York Avenue building under a long-term lease. Proceeds from the sale will be used to reduce debt and invest in Sotheby's core business. Sotheby's global headquarters will relocate to the Breuer Building at 945 Madison Avenue, opening on November 8. Weill Cornell Medicine has signed a lease agreement with Sotheby's for roughly 200,000 square feet across five floors.
The sale of the York Avenue building to Weill Cornell Medicine signals a significant change for both entities. Sotheby's will move its global headquarters to the Breuer Building, while Weill Cornell Medicine will establish a new research facility, further cementing its presence in the city.
