What’s Happening With The Breuer Building On Madison Avenue?

UPPER EAST SIDE, NY – Patch was out on the Upper East Side recently, and noticed that the Breuer building, between 74th and 75th Street at 945 Madison Avenue, is vacant.

Designed by architect Marcel Breuer and built in the 1960s, the building is said to resemble an upside-down ziggurat, a word that refers to ancient Mesopotamian temples.

It was the home of the Whitney Museum of American Art for almost 50 years, until the Whitney moved downtown to its current location in the Meatpacking District, which opened in 2015.

Comings And Goings

In 2016, the Metropolitan Museum of Art took over the Breuer, at a reported cost of approximately $17 million annually – not to mention the expense of a meticulous renovation and a marketing campaign, which cost the museum millions more.

The Met Breuer, as it was called, was only open for a few years when the pandemic struck, leading the Met to close all of its locations in March 2020.

The Met Breuer didn’t survive the closure, and was permanently shuttered in June 2020, only halfway through its eight-year-lease.

Fortunately for the Met, another Upper East Side museum, the Frick, was planning a major renovation and needed a temporary home for its collection. The Met moved out, the Frick moved in, and in 2021 the Breuer reopened as the Frick Madison.

That operation closed to the public in March 2024, as the Frick completes its renovation and prepares to reopen its mansion – on Fifth Avenue at 70th Street – in early 2025.

What Does That Mean For The Breuer?

In 2016, various Whitney personnel told the New York Times that the museum intended to “reclaim” its upturned ziggurat and return to Madison Avenue, the implication being that the museum would operate two locations.

That, however, did not come to pass, and instead the Breuer changed hands, perhaps permanently.

In 2023, the building was sold to Sotheby’s for a reported $100 million, and the auction house could begin to make the move into the Breuer when the Frick’s lease concludes this fall.

Sotheby’s, which is also located on the Upper East Side – at 72nd Street and York Avenue – has said the building will “host state-of-the-art gallery spaces and exhibitions,” in addition to an auction room, as well as, presumably, offices.

The Plot Thickens

Patrick Drahi, the billionaire owner of telecommunications giant Altice, bought Sotheby’s in 2019. Among other things, Drahi has reportedly amassed an art collection worth about $750 million euros.

More recently, Altice has been the subject of a major corruption probe in Europe that has ensnared Drahi’s “right-hand man,” and which, as of earlier this year, expanded.

As the investigation unfolds, it’s unclear what will happen – or won’t happen – but the company is, unsurprisingly, in “a state of upheaval.” What’s more, Altice is reportedly saddled with as much as $60 billion – billion – in debt.

The Local Angle

In addition to his ownership of Sotheby’s – and thus, the Breuer building – Drahi may, indirectly, be your TV and internet provider.

Although Altice and Altice USA are independent companies, Drahi remains the controlling shareholder of both entities, and Altice USA owns brands like cable and internet provider Optimum and regional news provider News 12.

What Happens Now?

“Virtually every part of [Drahi’s] empire is for sale,” Bloomberg reported in March 2024.

That may include Sotheby’s, the current owner of the Breuer building.

On Aug. 9, Abu Dhabi wealth fund ADQ entered into an agreement with Drahi to jointly invest $1 billion in Sotheby’s. Under the terms of the deal, Drahi will retain majority ownership.

For now, the fate of the Breuer may remain linked to that of Drahi and his empire.

As of Aug. 15, Patch can confirm that Sotheby’s remains committed to moving into the Breuer as planned.

Is there a global story unfolding on the Upper East Side that Patch should look into? Email michael.mcdowell@patch.com.