Sotheby's Sells Historic HQ to Weill Cornell Medicine, Relocates to Breuer Building
Sotheby's has sold its historic New York headquarters at 1334 York Avenue to Weill Cornell Medicine. The proceeds from the sale will be used to reduce debt and invest in Sotheby's core business. The auction house will relocate its global headquarters to the Breuer Building at 945 Madison Avenue, opening on November 8.
Sotheby's has had a long history with the York Avenue building. It occupied the site from 1980 until it was sold in 2003 due to debts related to a price-fixing scandal. The company repurchased the building in 2009 for $370 million. Now, Weill Cornell Medicine has signed a lease agreement with Sotheby's for roughly 200,000 square feet across five floors. Sotheby's will lease back floors 7-10 under a long-term lease. Weill Cornell Medicine has already taken possession of the fifth and sixth floors and plans to open a research facility on the site. The investment management firm Apollo Global Management signed the lease agreement with Sotheby's in 2023.
The sale of the York Avenue building is part of Sotheby's real estate overhaul, which includes acquiring the Breuer Building and Gantry Point. Sotheby's CEO Charles Stewart confirmed the sale in a note to staff. The proceeds will help Sotheby's reduce debt and invest in its core business, while Weill Cornell Medicine gains a new site for its research facility.
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