The Real Deal New York

Chetrit’s plans for Sony Building could include Bristol hotel

Developer in talks with Oetker Collection, Shangri-La

June 09, 2015 12:30PM

Joseph Chetrit and 550 Madison Avenue in Midtown

Joseph Chetrit and 550 Madison Avenue in Midtown

The Chetrit Group’s plans for the Sony Building at 550 Madison Avenue could include an ultraluxury hotel brand coming to the property.

Chetrit is reportedly in discussions with the likes of Germany’s Oetker Collection, which could be interested in launching a version of the Bristol, the firm’s five-star flagship, at 550 Madison Avenue. 

Other luxury hotel entities including Hong Kong’s Shangri-La and Pierre Omidyar’s Ohana Real Estate Investors have also expressed interest in the building, the New York Post reported. The hotel would occupy the 37-story tower’s lower floors.

Chetrit and frequent collaborator David Bistricer of Clipper Equity acquired the 648,000-square-foot building, for $1.1 billion in 2013 and filed plans last year to convert the tower’s 14th through 33rd floors into residential units.

Chetrit is looking to build 96 condos at the Sony Building – including a triplex penthouse asking a record $150 million — for a total sellout of $1.8 billion.

An offering plan revealed by The Real Deal also specified an 11,000-square-foot condo asking $75 million and a 9,000-square-foot unit priced at $60 million. [NYP]Rey Mashayekhi