T
he renowned auction house, Bonhams, has announced its relocation to the prestigious Steinway Tower at 111 West 57th Street in Midtown Manhattan. The move is expected to take place late next year, marking an expansion of its footprint by 30 percent compared to its current location at Minskoff Equities' 580 Madison Avenue, where it has been since 2008. The lease details and length of the lease have not been disclosed.
A team from Newmark, including Jackie Totolo and Pierce Thompson, negotiated the deal on behalf of the landlord, while Cushman & Wakefield's Kenji Ota and Jennifer Konefsky represented the tenant. The transaction was first reported by the New York Post.
Bonhams will occupy four levels of galleries and two auction rooms at Steinway Hall, the former home of Steinway & Sons piano company. The property is owned by JDS Development, Property Markets Group, and Apollo Commercial Real Estate Finance.
In other news, Sotheby's International broker Nikki Field and her team have taken over sales at the supertall building on Billionaires' Row, marking the third group to head sales there since 2018. Currently, there are still 27 units up for sale, ranging in price from $12.5 million to $56 million. Under Corcoran, the building has achieved $100 million in sales this year alone.
However, the building's sellout is not expected to occur until roughly March 2026 based on sales velocity estimates in July by Marketproof.
In related news, Christie's has renewed its 400,000-square-foot space at 20 Rockefeller Plaza for another 25 years, according to the Commercial Observer. Two years ago, luxury auction house Sotheby's expanded its footprint in New York by acquiring a recently converted office building in Long Island City for $82 million.
This move marks a significant expansion for Bonhams, one of the world's largest and most famous auctioneers. The company has been expanding its presence in recent years, with a focus on modern and contemporary art, as well as jewelry, wine, and collectibles.
With this move, Bonhams will be joining other high-end retailers and businesses in the area, further solidifying its position as a hub for luxury goods and services. The relocation is expected to provide the company with increased visibility and accessibility, as well as improved facilities to better serve its clients.
