British auction house Bonhams found a new home on Billionaires’ Row.
The renowned auction house is relocating to 42,000 square feet at Steinway Tower, 111 West 57th Street, the auctioneer announced on Tuesday. Bonhams will be occupying Steinway Hall, the old home of the Steinway & Sons piano company, where it will use four levels of galleries and two auction rooms at the property, which is owned by JDS Development, Property Markets Group and Apollo Commercial Real Estate Finance.
The auction house is expanding its footprint by 30 percent while relocating from Minskoff Equities’ 580 Madison Avenue, where it has occupied space since 2008. Bonhams will move into the Midtown Manhattan location late next year.
The asking rent and length of the lease were not disclosed.
A Newmark team including Jackie Totolo and Pierce Thompson negotiated the deal on behalf of the landlord, while Cushman & Wakefield’s Kenji Ota and Jennifer Konefsky represented the tenant.
The transaction was first reported by the New York Post.
The Billionaires’ Row tower is better known for its residential component than its commercial footprint. Sotheby’s International broker Nikki Field and her team took over sales from Corcoran at the supertall this summer, marking the third group to head sales there since 2018.
At the time of the swap, there were still 27 units up for sale, asking between $12.5 million and $56 million. Under Corcoran, the building scored $100 million in sales this year alone.
But it’s been a slow climb towards a sellout for the building. Based on the sales velocity, Marketproof estimated in July that the building’s sellout wouldn’t occur until roughly March 2026.
On the auction house front, Christie’s recently renewed its 400,000-square-foot space at 20 Rockefeller Plaza for another 25 years, according to the Commercial Observer. Two years ago, luxury auction house Sotheby’s expanded its footprint in New York, acquiring a recently converted office building in Long Island City for $82 million.
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