Sotheby’s is looking to decamp from its Upper East Side headquarters—and stands to make a lot of money in doing so. The New York Post reports that the iconic auction house has hired Eastdil Secured to market its auction headquarters at 1334 York Avenue, and a sale is expected to bring in around $500 million. A marketing teaser that Sotheby's sent to prospective buyers says that any sale includes a short-term leaseback, allowing the company to move to a new location. According to the Post, they’re looking to decamp to neighborhoods further south than the current UES locale.
The HQ, developed specifically for Sotheby’s in the 1980s, is huge: the glass and granite building takes up the entire block on the east side of York Avenue between East 71st and 72nd Streets, on a 40,457-square-foot lot. The building itself rises 10 stories and holds 489,513 square feet.
This isn’t the first time Sotheby’s has considered selling. Back in 2013, there were reports that the auction firm received several offers on the building, including from pharmaceutical companies. These days, prospective buyers include hospitals, educational facilities, senior-care providers, hotels, retailers, or residential redevelopers looking to take advantage of the Second Avenue Subway opening. A buyer would have the option to demolish the current building and replace it with a taller tower.