Auction House Bonhams Moving NYC Showroom to 42K SF at 111 West 57th Street
By Mark Hallum September 9, 2024 11:08 am
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A British auction house pounded the gavel on a new Manhattan showroom.
Bonhams is moving its New York City showroom to 42,000 square feet at 111 West 57th Street, owned by Apollo Commercial Real Estate Finance, JDS Development Group and Property Markets Group, according to a source with knowledge of the deal.
The New York Post first reported the deal.
The London-based Bonhams has had its New York City showroom about three blocks away at Minskoff Equities’ 580 Madison Avenue since 2008, and renewed the space in 2011, Real Estate Weekly reported. It will expand by 12,000 square feet in the move to 111 West 57th.
Brokers on behalf of the landlord and the tenant did not disclose the asking rent or the length of the lease, but the average asking rent for Manhattan’s main retail corridors in the second quarter of 2024 was $716 per square foot, according to a report from CBRE.
Newmark (NMRK)’s Jackie Totolo, Pierce Thompson, Adam Weinblatt and Robert Cohen negotiated on behalf of the landlord while Cushman & Wakefield (CWK)’s Kenji Ota and Jennifer Konefsky handled the deal for Bonhams.
Neither brokerage immediately provided a comment.
The new showroom, two blocks south of Central Park, will be in the section of the landmarked building from 1925 formerly occupied by the Steinway & Sons piano store. The property was designed by the architecture firm Warren & Wetmore.
Bonhams, which has been in business since 1793, joins fellow auction house Christie’s in Manhattan dealmaking after Christie’s signed a renewal on its 400,000-square-foot space at 20 Rockefeller Plaza for another 25 years in late August.
Christie’s International Real Estate Group also signed a lease for 8,000 square feet on the ninth floor of HRC Corporation’s 156 Fifth Avenue that same week.
Mark Hallum can be reached at mhallum@commercialobserver.com.
