Sotheby's won’t be taking any more bids for its 49k SF East Side HQ at 1334 York Ave (pictured), as it’s taking the property off the market and ending its search for a new office.
The auction house was looking for another potential home earlier this year in a search led by JLL’s Peter Riguardi, and had considered Hudson Yards, Boston Properties’ 399 Park Ave and 432 Park Ave’s 130k SF office retail space, The Real Deal reports.
But Sotheby’s board of directors pulled the plug on a potential sale after receiving several bids. Since the move was contingent on selling the property, it’s also up in smoke. The auction house reportedly made a similar choice in 2013.
“We’ve spent months examining this decision from both a business and financial point of view,” Sotheby's CFO Mike Gross told TRD. "And, at the end of the day, we concluded our best option along both of these dimensions is to stay where we are." [TRD]
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