The New York Post’s Lois Weiss continues her campaign to reveal Sotheby’s real estate plans. Weiss’s reports suggest much depends on whether Sotheby’s current building is appealing to healthcare companies or the hospital complex it abuts. Another scenario has developers buying the building to erect something taller.
Sotheby’s has been under pressure to realize some of the value of its real estate since activist investors took stakes in the firm:
Sotheby’s has indeed now hired Eastdil Secured to market its iconic auction headquarters at 1334 York Ave., which could fetch around $500 million.
A new marketing teaser sent to prospective buyers explains the sale would include a short-term leaseback to enable the company to move to a new location. […]
The Eastdil team is led by investment gurus Doug Harmon and Adam Spies. Expected buyers include hospitals, educational facilities, senior-care providers, hotels, retailers and residential redevelopers as the now-bulky structure can be taken down and replaced with a taller tower.
Sotheby’s gains ground on potential $500M building sale (New York Post)