Billionaire Peter Drahi through the entity Bidfair Holdings Inc. paid Sotheby’s $564.6 million for 1334 York Avenue in Lenox Hill. The deal closed on October 3, 2019, and was recorded on November 7, 2019. Drahi purchased Sotheby’s for $3.7 billion in October. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 407,259 square feet.
The average sale price per square foot is $1,386.
The estimated cap rate is 2.0%
The law firm Hughes, Hubbard & Reed was the signatory for the buyer, Bidfair. The deal closed on October 3, the same day as Drahi closed on his acquisition of Sotheby’s. HHR was a chief legal advisor in global approval process for the purchase. The last time the property sold was February 6, 2009, for $370,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 4, 2014.
Over the past five years, there have been 22 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $20,059,535.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link