Amid concerns about a potential glut in New York City’s ultra-luxury market, the Chetrit Group and Clipper Equity are canceling their plans for a condo conversion of the former Sony Building.
In early 2013, Chetrit and Clipper paid Sony $1.1 billion for the 37-story, 850,000-square-foot office building, with plans to turn the upper floors into 96 residential units. The crown jewel was to be a $150 million triplex penthouse, which would have been the city’s priciest listing ever.
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