NEW YORK CITY-Art dealer Wildenstein & Co. on Thursday said it had reached an agreement to sell its gallery at 19 E. 64th St. to the State of Qatar. The Arab country's government will use the space for its first permanent consulate in the city.

Pricing for the off-market transaction, which is set to close in April, was not available. The original asking price was $100 million, although some published reports have cited this as the selling price and have also described Wildenstein's sale as the largest residential transaction in city history. The 20,000-square-foot townhouse is zoned for commercial, not residential, use.

“This is the perfect choice for our consulate, given its location, size, layout and infrastructure,” says Ahmed Yousef Al-Rumaihi, consul general at the Consulate General of the State of Qatar. “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.”

The Qatar government had been searching for a possible consulate site for some time. Carrie Chiang of Corcoran Group Real Estate contacted Wildenstein for the State of Qatar, which was represented by Oren and Tal Alexander of Douglas Elliman's Alexander Team. The art dealer, which has sold masterworks of Goya, Cezanne, Gaugin and Monet among others, then analyzed its long-term space needs and objectives.

David Wildenstein says his family's company 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.” It plans to relocate within the city.