Manhattan: Arbitration for Sotheby’s
By CHARLES V. BAGLI
June 1, 2007
A State Supreme Court judge has granted Sotheby’s auction house a temporary restraining order that blocks its landlord from selling its longtime home on York Avenue while the two sides wrestle over the property. The developer Aby Rosen bought the 10-story building from Sotheby’s in 2002 for $175 million and leased it back to the company. The two sides had a falling out earlier this year when Mr. Rosen put the building up for sale. Sotheby’s contends that it has the right under the terms of its lease to buy the building for a fraction of the $465 million Mr. Rose has demanded. The injunction, granted on Wednesday, allows the two to proceed with what is known as baseball arbitration, in which an arbitrator declares one side or the other the winner.
Copyright 2007 The New York Times Company