Wildenstein & Co., Inc. unveils landmark agreement with State of Qatar; Pending sale of 19 East 64th Street in off-market transaction

Leading international art dealer Wildenstein & Co., Inc. ("Wildenstein") has reached an agreement to sell its gallery at 19 East 64th Street to The State of Qatar. The off-market transaction, which is expected to close in April, will lead to The State of Qatar opening a permanent New York City consulate at the property. Over many years, Wildenstein has sold masterworks by artists such as Francesco Goya, Paul Cézanne, Jacques-Louis David, Paul Gauguin and Claude Monet to the world's most prestigious museums. The 20,000 s/f townhouse, designed by renowned architect Horace Trumbauer for the Wildenstein family and opened in 1932, has served as the company's headquarters. They plan to relocate within New York City. The agreement announced today follows an extensive search conducted for The State of Qatar for a possible consulate site. Although the property was not on the market, Wildenstein was contacted by Carrie Chiang of Corcoran for The State of Qatar, represented by Oren and Tal Alexander of The Alexander Team of Douglas Elliman. The company then analyzed its long term space needs and objectives, and entered into the negotiations that have been concluded successfully. On behalf of Wildenstein, David Wildenstein commented, "Wildenstein has been the world's foremost private dealer of fine art for decades. And I am confident that we will continue to play that leadership role for many years to come. But after over 80 years of operating our legendary gallery at this location, we know we are at a pivotal moment. The art dealership business is evolving and we are strategically positioning our company to stay on top." He continued, "Naturally, our family members have mixed personal feelings about leaving what has been our business address for over 80 years. But we are confident that the property will be in good hands." Ahmed Yousef Al-Rumaihi, Consul General at The Consulate General of The State of Qatar, said, "This is the perfect choice for our consulate, given its location, size, layout and infrastructure. Other than very minor cosmetic changes we may make, it is in move-in condition. We look forward to unveiling it after we take ownership and then building upon our presence in New York City. We are very pleased with the successful search conducted by Douglas Elliman and Corcoran and grateful to the Wildenstein family for their willingness to enter into this transaction agreement."