Sotheby’s gets $483M loan for its UES headquarters

Financing retires debt on 1334 York Avenue

New York /
Sep.September 30, 2020 09:45 AM
Sotheby’s CEO Charles Stewart and 1334 York Avenue (Sotheby's; Google Maps)

Sotheby’s CEO Charles Stewart and 1334 York Avenue (Sotheby’s; Google Maps)

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


Related Articles

arrow_forward_ios
From left: Sabey Corporation CEO John Sabey, National Real Estate Advisors CEO Jeffrey Kanne and 375 Pearl Street (Sabey, National Real Estate Advisors, Tdorante10/Wikimedia)
Sabey lands $250M refi for 375 Pearl Street
Sabey lands $250M refi for 375 Pearl Street
90 Jule Pond Drive (Sotheby’s International Realty)
Hamptons estate asking $145M under contract, may set record
Hamptons estate asking $145M under contract, may set record
90 Jule Pond Drive is on t he market for $145 million (Sotheby’s International Realty)
$145M Hamptons estate languishes on market amid surging demand
$145M Hamptons estate languishes on market amid surging demand
The Promenade on the Peninsula in Rolling Hills Estates, California (Google Maps, iStock)
Landlords take on short-term debt to spruce up struggling assets
Landlords take on short-term debt to spruce up struggling assets
Barclays CEO Jes Staley and Hudson Yards (Getty)
Barclays eyes big move to Hudson Yards
Barclays eyes big move to Hudson Yards
From left: Chris Poore, Kathryn Steinberg, Armin Allen and Caroline Guthrie (Getty, BHS)
Sotheby’s Chris Poore jumps to BHS
Sotheby’s Chris Poore jumps to BHS
Jackpot: Cannabis REIT has $120M in capital to lend to operators
Jackpot: Cannabis REIT has $120M in capital to lend to operators
Jackpot: Cannabis REIT has $120M in capital to lend to operators
Sotheby’s CEO Philip White and McGuire CEO Charles Moore
Sotheby’s International acquires Bay Area mainstay McGuire Realty
Sotheby’s International acquires Bay Area mainstay McGuire Realty
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...