The famed art auctioneer has signed a lease for 235,000 square feet of warehouse space in Brooklyn. Christie’s will store fine art in the waterfront building.

Christie’s expects to occupy the six-story warehouse building early next year, according to a company spokeswoman.

The company would not say how much it paid for the space, but commercial brokers estimated costs at $8 to $10 per square foot.

The pearl-gray colossus, one of two former New York Dock Company loft buildings, is not much to look at now, housing piles of dust and detritus as it looms over the weeds and gritty businesses of Imlay Street.

The building will boast infrared video cameras, biometric readers and motion-activated monitors, as well as smoke-, heat- and water-detection systems.

Inside, the warehouse will hold the likes of van Gogh, Monet, Picasso and Brancusi, with each collection potentially worth more than the building itself.

The location near a cruise-ship port is considered ideal because it is a convenient and known taxi destination for clients.

Christie’s has operated a fine-art storage business in London for 25 years, but is expanding its facilities to Singapore and New York as demand for holding space has grown among collectors and dealers around the globe. The auction house has signed a 30-year lease.

Source: NYTimes