{"id":1004481343,"date":"2020-09-30T11:30:25","date_gmt":"2020-09-30T19:30:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004481343"},"modified":"2020-09-30T23:41:24","modified_gmt":"2020-10-01T07:41:24","slug":"sothebys-new-york-hq-lands-483m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sothebys-new-york-hq-lands-483m-refi\/","title":{"rendered":"Sotheby\u2019s New York HQ Obtains $483M Refi"},"content":{"rendered":"
\"\"<\/a>

1334 York Avenue. Image courtesy of Newmark Knight Frank<\/em><\/p><\/div>\n

Renowned auction house Sotheby\u2019s has landed a $483 million refinancing loan for 1334 York Ave., its longtime headquarters on Manhattan\u2019s Upper East Side.<\/p>\n

The five-year, floating rate senior loan from Barclays was arranged by a Newmark Knight Frank team of Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Dominick Calisto.<\/p>\n

Located in the Lenox Hill neighborhood, the 506,000-square-foot office building is 100 percent owner-occupied and has served as Sotheby\u2019s headquarters since 1980. The property houses a state-of-the-art gallery, auction and office space. The mid-rise tower is home to Sotheby\u2019s sole auction salesroom in North America, its principal exhibition space and Sotheby\u2019s Financial Services. Ground-floor retail at the property includes Sotheby\u2019s Wine and Sant Ambroeus Coffee Bar.<\/p>\n

\n

READ ALSO: <\/strong>Major NYC Project in Limbo After Rezoning Is Scuttled<\/a><\/p>\n

\n

Sotheby\u2019s first purchased the 10-story property in 2000 from Benenson Capital Partners for $11 million. The new owner undertook a full-scale redevelopment of the building, adding six stories and completing a full gut renovation and redesign of the interior. In 2003, RFR Realty purchased the building in a sale-leaseback deal for $175 million. Sotheby\u2019s regained ownership of the property in 2009 and recently undertook a series of renovations to create new art galleries and new public and client exhibition spaces.<\/p>\n

Last year, Sotheby\u2019s announced it was entering into a merger agreement to be acquired by BidFair and art collector Patrick Drahi. As part of the acquisition, Sotheby\u2019s will structure a long-term, triple net lease at the building.<\/p>\n

Manhattan moves<\/h2>\n

The impact of the pandemic hasn\u2019t stopped many Manhattan players from moving forward with office projects and major lease deals. In early September, SL Green announced it had landed a $600 million refinancing loan<\/a> for 410 Tenth Ave., its Hudson Yards office redevelopment project. The building will be home to Amazon and First Republic Bank.<\/p>\n

SL Green\u2019s move came about a month after Facebook announced it had inked a 730,000-square-foot office lease<\/a> at Vornado\u2019s Farley Building redevelopment next to Penn Station. The lease, one of the largest of the year in New York, encompasses the entire office portion of the building, a former post office that is being converted into a mixed-use complex.<\/p>\n","protected":false},"excerpt":{"rendered":"

The owner-occupied, 506,000-square-foot office building recently underwent renovations. <\/p>\n","protected":false},"author":745,"featured_media":1004481355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742,10,21747],"tags":[32934,39112,36007,50365],"class_list":["post-1004481343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest","category-northeast","category-office","tag-barclays","tag-dustin-stolly","tag-newmark-knight-frank","tag-sothebys"],"acf":[],"yoast_head":"\nSotheby\u2019s New York HQ Obtains $483M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sothebys-new-york-hq-lands-483m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sotheby\u2019s New York HQ Obtains $483M Refi\" \/>\n<meta property=\"og:description\" content=\"The owner-occupied, 506,000-square-foot office building recently underwent renovations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sothebys-new-york-hq-lands-483m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-30T19:30:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-01T07:41:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/09\/Sothebys-4-e1601492888169.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sothebys-new-york-hq-lands-483m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sothebys-new-york-hq-lands-483m-refi\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"Sotheby\u2019s New York HQ Obtains $483M Refi\",\"datePublished\":\"2020-09-30T19:30:25+00:00\",\"dateModified\":\"2020-10-01T07:41:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sothebys-new-york-hq-lands-483m-refi\\\/\"},\"wordCount\":385,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sothebys-new-york-hq-lands-483m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/09\\\/Sothebys-4-e1601492888169.jpg\",\"keywords\":[\"Barclays\",\"Dustin Stolly\",\"Newmark Knight Frank\",\"Sotheby's\"],\"articleSection\":[\"Featured\",\"Finance\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sothebys-new-york-hq-lands-483m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sothebys-new-york-hq-lands-483m-refi\\\/\",\"name\":\"Sotheby\u2019s New York HQ Obtains $483M Refi - 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