Sotheby's Acquires Former Whitney Museum Building On Upper East Side For $100M

The former Whitney Museum of American Art building, located at 945 Madison Avenue in the Upper East Side, has been sold in a closed transaction. Sotheby's, the renowned auction house, has acquired the iconic Brutalist-style landmark designed by Marcel Breuer for approximately $100 million. The property will serve as Sotheby's new headquarters once the current occupant, the Frick Collection, vacates the premises in 2024.

Summary of transaction details:

• Property Type: Museum
• Transaction Amount: $100,000,000
• Address: 945 Madison Avenue
• Market: Upper East Side

Sotheby's, a prominent player in the art industry, has made a strategic move by acquiring the former Whitney Museum of American Art building. With its distinct Brutalist-style design, the property provides a unique and iconic setting for Sotheby's new headquarters. This acquisition showcases the auction house's commitment to establishing a prominent presence in the Upper East Side market.