"Sotheby's has sold its longtime New York headquarters at 1334 York Avenue, ahead of the auction house's relocation to the historic Breuer Building on Madison Avenue next month. The real estate deal, first reported by , will transfer ownership of the longtime home of Sotheby's in New York to Weill Cornell Medicine, the medical school and research branch of Cornell University in Ithaca, New York. Weill Cornell already owns a cluster of properties just south of Sotheby's."
"In an internal e-mail sent to Sotheby's staff on Thursday (2 October) morning, chief executive Charles F. Stewart wrote the move would be "very financially beneficial" and will allow Sotheby's to "further reduce debt and invest even more fully in our core business". The deal will lower the auction house's annual net costs, he says. Sotheby's has called the former cigar factory and Kodak warehouse home for more than 40 years."
"Sotheby's staff were told that under the new deal, Weill Cornell are scheduled to move into the first four floors on 1 April 2026, while Sotheby's will lease the 7th to 10th floors. The auction house moved in in 1980 after paying $11m for the space and spending an additional $140m on expansion and renovations. Weill Cornell confirmed the acquisition. Bloomberg reports the price was around $510m."
Sotheby's sold its longtime New York headquarters at 1334 York Avenue to Weill Cornell Medicine ahead of its planned relocation to the Breuer Building on Madison Avenue. Bloomberg reports the sale price was around $510m and Weill Cornell confirmed the acquisition. CEO Charles F. Stewart described the move as very financially beneficial, saying it will help further reduce debt, lower annual net costs, and allow more investment in Sotheby's core business. Under the new arrangement, Weill Cornell will occupy the first four floors from 1 April 2026 while Sotheby's will lease the 7th to 10th floors. Sotheby's has occupied the York Avenue building since 1980.
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