Weill Cornell Medicine is not satisfied with a lease agreement of 200,000 square foot and returns to the head office of the former Sotheby on the Upper East Side for the entire Enchilada.
The medical institution bought the property at 1334 York Avenue from the auction house for $ 510 million, Bloomberg reported. The deal for the real estate of 500,000 square feet breaks down to $ 1,020 per square foot.
The sale comes two years after Weill Cornell agreed to lease 40 percent of the Sotheby’s building. The space would be divided between dry laboratory space for computational research and wet laboratory space for medicines, chemical and biological research, in addition to meeting rooms and workspaces; Weill Cornell was not due to his space until this year.
Sotheby’s rents according to the four floors of Weill Cornell, according to Artnews. The auction house plans to use the proceeds of the sale to reduce the debts and to invest in its core activities, and to renovate the space that it hangs on York Avenue.
In a statement, Weill Cornell said that the acquisition “equipment was the same net costs as leasing.”
JLL’s David Giancola, Geoff Goldstein and Steve Klein represented Weill Cornell in the transaction, while CBRE’s Doug Middleton and Mary Ann Tighe Sotheby’s represented.
As for Sotheby’s, it is planning to make the switch to the Landmark Breuer building on 945 Madison Avenue after purchasing the Whitney Museum of American Art for $ 100 million in the spring of 2023. The space includes an auction house and exhibitions when Sotheby’s officially moved.
In 2020, Sotheby was closed on a $ 483 million, five -year -old, floating speed loan from Barclays for the York Avenue Property, retirement of earlier debt on the active, including a loan of $ 252 million BNP from October 2019.
The building has housed Sotheby’s since 1980 and saw an extension of $ 55 million and redesign in 2019.
– Holden Walter-Warner
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