Sotheby's Acquires Former Whitney Museum Building On Upper East Side For $100M
945 Madison Ave New York, NY 10021, USA
$100,000,000
Building Size
—
Asset Type
Other
Closing
Jun 1, 2023
About this deal
AI
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.
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$100,000,000
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93