Sotheby’s auction house is getting new financing on its home.
Barclays just closed on a $483 million, five-year, floating-rate loan for Sotheby’s headquarters, 1334 York Avenue on the Upper East Side, according to Commercial Observer.
The 10-story 506,000-square-foot building has housed Sotheby’s since 1980. The financing retires previous debt on the asset, including a $252 million BNP Paribas loan from October 2019.
The building has seen some redevelopment since, including a February 2019 $55 million expansion and redesign, which increased the building’s exhibition space from 67,000 square feet to more than 90,000 square feet.
“Seeing this deal through during the challenging environment is a testament to the perseverance of the Sotheby’s, Barclays and Newmark teams, respectively,” Newmark Knight Frank’s Jordan Roeschlaub, who helped negotiate the new debt, told Commercial Observer. “We expect to have the mezzanine portion of the financing close in the near term as well.” [CO] — Sasha Jones