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The Upper East Side of Manhattan building that Sotheby’s occupies (but doesn’t own) is on the block. Jones Lang LaSalle Americas, which is handling the sale, is looking for about $500 million. Sotheby’s is staying in the building under a long-term lease. This isn’t exactly Hot Property kind of material, but it seemed a shame not to mention the auction of an auction house.
The building’s current owners, by the way, are Aby Rosen and Michael Fuchs, whom the author Tom Wolfe is battling over another Upper East Side glass box. (See my blog about that here.)
Love this line from the press release:
Founded in 1744, Sotheby’s has been in operation for more than 260 years and is one of the world’s leading auction houses having sold such notable items as Picasso’s “Femme Assise dans un Jardin” and Lou Gehrig’s last baseball glove.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.