Sotheby's NY Building for Sale
In 2000, the building was bought by Sotheby's, which spent approximately $140 million dollars above and beyond the $11 million purchase price to have Architects Kohn Pedersen Fox expand the building into a 10-floor, 470,000-sq. ft. "ethereal box," with glass facades in "various degrees of transparency." Sotheby's sold the building to RFR in 2002 for $175 million, retaining the option of a lease of the space for at least 40 years. The lease arrangement, presumably, will not change when the next owners come in.