**Weill Cornell Acquires Sotheby’s NYC Headquarters in $510M Sale-Leaseback Deal**
Sotheby’s has sold its longtime Manhattan headquarters at 1334 York Avenue to Weill Cornell Medicine for $510 million. The transaction, first reported by Bloomberg News, includes a leaseback agreement allowing Sotheby’s to continue occupying space in the 10-story building.
In an official statement, Sotheby’s confirmed the move, saying: “We will use the proceeds to further reduce debt and invest even more fully in our core business, including renovating our leased office space at York. We’ll now have a best-in-class front of house, back of house and staff working environment, all aligned with our brand and client expectations, and all at a lower net annual cost.”
The building, located just one block from the East River, has served as the auction house’s headquarters since 1980. Sotheby’s is now preparing to relocate to the Breuer Building at 945 Madison Avenue, the former home of the Whitney Museum of American Art.
Weill Cornell had already been leasing space at 1334 York Avenue since 2023. The acquisition strengthens the institution’s real estate footprint on the Upper East Side.
The deal was brokered by JLL’s David Giancola, Geoff Goldstein, and Steve Klein for Weill Cornell, while CBRE’s Doug Middleton and Mary Ann Tighe represented Sotheby’s.
For more insights into the intersection of healthcare and real estate—including investment trends, development strategies, and shifting provider needs—industry professionals are invited to attend Connect Healthcare Real Estate 2025 in Irvine, California, on October 14–15.
