Weill Cornell Buys Sotheby’s NYC Headquarters For $510M

Weill Cornell Medicine purchased Sotheby’s former headquarters at 1334 York Avenue for $510M, expanding its main campus footprint on Manhattan’s Upper East Side.
Sotheby’s, which occupied the building since 1980, will relocate to the Breuer building at 945 Madison Avenue, the former home of the Whitney Museum.
Proceeds from the sale will be used by Sotheby’s to reduce debt and reinvest in its core business, including renovations to its leased space on York Avenue.

Key Takeaways

A Historic Move For Both Parties

Sotheby’s has sold its longtime Upper East Side home to Weill Cornell Medicine, reports Bloomberg. The deal marks a major transition in the auction house’s New York operations. The 10-story property, just a block from the East River, served as Sotheby’s headquarters since 1980. The $510M deal will allow Weill Cornell to expand its campus, located one block south.

Strategic Shift For Sotheby’s

The auction house plans to move into the Breuer building at 945 Madison Avenue—formerly home to the Whitney Museum of American Art. In the meantime, it will continue to lease office space at 1334 York Avenue. Proceeds from the sale will help pay down debt and support renovations aligned with Sotheby’s brand and client needs—all while reducing operating costs.

“We’ll now have a best-in-class front of house, back of house, and staff working environment… all at a lower net annual cost,” Sotheby’s said in a statement.

Weill Cornell’s Expansion Plans

Weill Cornell said the purchase provides long-term flexibility at the same cost as leasing. The deal was facilitated by JLL and CBRE. The acquisition strengthens the institution’s presence on the Upper East Side and supports future clinical expansion.

“The expanded footprint will enable the institution to consider multiple uses, including expanding clinical services to connect more New Yorkers to its network of exceptional physicians,” Weill Cornell stated.

Why It Matters

This transaction highlights shifting priorities in Manhattan real estate. The focus is moving from commercial to institutional use. Legacy companies like Sotheby’s are optimizing for flexibility, while healthcare providers are investing in long-term growth.

What’s Next

Expect continued healthcare-driven real estate acquisitions across Manhattan as institutions like Weill Cornell look to expand their footprint. Sotheby’s, meanwhile, is doubling down on its brand, client experience, and new flagship location at Madison Avenue.