The Real Deal New York

Chetrit Group files first plans for Sony Building conversion

Floors 14 through 33 to become apartments

October 15, 2014 10:16AM
By Adam Pincus

Chetrit-and-Madison-Avenue1

Joseph Chetrit and 550 Madison Avenue in Midtown (Photo credit: Google)

The Chetrit Group filed its first plans with the city to convert 10 floors of the Philip Johnson-designed Midtown Sony office building to residential, city records show, in a plan designed by SLCE Architects.

Chetrit aims to convert floors 14 through 33 of 550 Madison Avenue, a 648,366-square-foot tower between 55th and 56th streets, to residential, plans filed today with the city’s Department of Buildings show.

SLCE’s plans call for 434,778 square feet of residential space and 213,582 square feet of commercial in the 37-story tower. The DOB website pegs the development cost at $40 million, but that figure is noted to be an estimate.

The proposal calls for 12 apartments on the 14th floor, five apartments of floors 15 through 23 and four on floors 24 through 29. Then there will be three apartments on floors 30 through 33, two each on floors 34 and 35, and finally a floor-though penthouse on the 36th floor.

The plans also call for retail on the first floor and a lower level, as well as a museum annex on the second, third and mezzanine levels, and offices on the sixth through 13th floors.

Published reports predicted the total renovation of the building would cost $500 million, which as of last year was expected to include a hotel. There is no mention of a hotel in today’s filing.

The developers filed plans in June with the New York State Attorney General’s office for 96 residential units, two commercial units and one unidentified “other” unit. The sponsor was identified at Meyer Chetrit, a brother of Joseph Chetrit, another of the family members who lead the firm.

The Chetrit Group purchased the building last year for $1.1 billion.

A representative for Chetrit said the principals were not available today to comment. SLCE did not immediately respond with a request for comment.

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