Sotheby’s World Headquarters

RFR acquired 1334 York Avenue in 2003 through a sale/leaseback with Sotheby’s Holding, a publicly-traded auction company which had recently renovated the property. At the time, Sotheby’s faced numerous challenges including extensive price fixing litigation and a depressed share price. RFR recognized that 1334 York could support a range of alternative uses and that the quality of the real estate supported the otherwise less than stellar credit of the tenant. RFR ultimately arranged to sell the property back to Sotheby’s six years later at a significant profit.