Sothebys Manhattan Building on the Auction Block
PUBLISHED 22 February 2007
The world headquarters of auction house Sotheby’s is now open to bidders. The 470,000-square-foot building (pictured), located on Manhattan’s Upper East Side, is being put up for sale by its owner, RFR Holding L.L.C.
A report by Lois Weiss in The New York Post today cited a probable sale price of somewhere near $500 million for the property, which was redeveloped on the site of the original, 1930s-era Sotheby’s headquarters by RFR in 1999-2000. According to the report, Sotheby’s net leases the building and has 16 years remaining on the agreement. The auction house currently pays approximately $40 per square foot, with an increase every three years.
RFR has chosen Jones Lang LaSalle Americas Inc. to market the property.
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