Related Companies is bidding on Sotheby’s 500,000-square-foot building on 1334 York Avenue, the New York Post reported, with a proposal that tries to bring the venerable auction house to its Hudson Yards project.
The proposed 1031 tax-free exchange would see Sotheby’s buy several hundred thousand square feet in the 750,000 square-foot retail podium that connects the first two office towers at Hudson Yards. The deal is akin to the one that Related struck with Coach for its space in the South Tower and the ongoing talks with Time Warner for the North Tower.
In 2009, Sotheby’s bought the building for $370 million from RFR Holding’s Aby Rosen. It plans to sell and lease back the facility until it finds or builds a new headquarters.
Eastdil Secured’s Douglas Harmon and Adam Spies are marketing the Sotheby’s building. Jones Lang LaSalle’s Peter Riguardi and Alexander Chudnoff are leading the new office search for the auction house. All parties declined to comment to the Post. [NYP, 1st item] – Hiten Samtani