Global auction house Sotheby’s has secured a $483 million loan from Barclays to refinance its headquarters at 1334 York Avenue in the Upper East Side, CO first reported. The five-year, floating-rate debt has a term of five years.
- Worth Noting: There’s a mezz piece in the deal, although the lender’s identity and the loan amount couldn’t immediately be confirmed (likely around $165 million). The new loan retires $252 million in debt provided by BNP Paribas in October 2019, and financing from HSBC in 2015.
- Dig Deeper: The 10-story 506,000-square-foot building has served as the company’s headquarters since 1980 and is home to its sole North American auction saleroom. It also includes a distinguished art gallery, auction, and office space as well as Sotheby’s Wine and Sant Ambroeus Coffee Bar on the ground floor. [CO]