Sotheby's NY Building for Sale

by Nicole Weston (RSS feed)
Feb 21st 2007 at 6:01PM

RFR Holding, the company that owns the building at 1334 York Avenue, has just put it up for sale. We wouldn't necessarily be that concerned with commercial real estate, but this particular building happens to be home to the New York headquarters of Sotheby's and is easily one of the most prestigious auction rooms in the world. The asking price is $500 million.

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.

Tags: new york, NewYork, ny, price, real estate, RealEstate, sale, Sotheby's

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Daniel Mar 2nd 2007 4:47PM

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