The NY Post reports a developer in NYC is bidding on Sotehby's current building and proposes that Sotheby's buy into its Hudson Yards project.
The NY Post reports
Source: The NY PostStephen Ross of Related Cos. is bidding on Sotheby’s 500,000 square-foot building at 1334 York Ave., with a proposal that includes snagging them as a tenant for his Hudson Yards project.
The proposed 1031 tax-free exchange would have Sotheby’s buy — and perhaps partially lease — several hundred thousand square feet in the 750,000 square-foot retail podium that connects the first two office towers at Hudson Yards.
The scheme is modeled on Related’s deal with Coach for offices in the South Tower and the ongoing talks with Time Warner for the North Tower, with Related buying their current buildings.
Douglas Harmon and Adam Spies of Eastdil Secured are marketing Sotheby’s building, while Peter Riguardi and Alexander Chudnoff of Jones Lang LaSalle are leading the new office search. All parties declined to comment.
L’Oreal’s 402,000-foot lease in the 1.8 million square-foot South Tower has a clause that precludes that tower from being named for any “entity” — whether a tenant or “otherwise” — while other clauses prevent leasing to competitors.
Many already call it the “Coach Tower” for its anchor tenant, while Related execs circumspectly refer to it as “Tower C” or, rarely, by its address at 501 W. 30th St.
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