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550 Madison Avenue

550 Madison Avenue
New York, NY 10022
Hotel, Retail, Sales, Leasing/Rental, Ground Lease
550 Madison Avenue
550 Madison Avenue, known previously as the Sony Tower and the AT&T Building, is a 37-story skyscraper located between 55th Street and 56th Street in Midtown, Manhattan. In January 2013, the Chetrit Group acquired the building from Sony for $1.1 billion. Following a yearlong auction, Chetrit beat out over a dozen other bidders. The transaction netted Sony $685 million. Architect Philip Johnson and partner John Burgee designed the skyscraper, which is known for its ornamental top resembling the detailing of English Chippendale cabinetry. The building has had only two tenants, Sony and AT&T, since it was completed in 1984. In a sign of how much New York City real estate has changed since the 1980s, Chetrit plans to convert the office building into residential apartments. Conversion work is years away, however, as Sony will continue to be a tenant until 2016. In October 2014, Chetrit filed plans to convert floors 14 to 33 in the building to apartments. SLCE Architects drafted the conversion plan, which calls for retail space 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. Renovation of the building could cost as much as $500 million. -MK
  • Address 550 Madison Avenue
  • neighborhood Midtown West
  • borough Manhattan
  • owner/developer Chetrit Group, Clipper Equity
  • owner entity 550 MADISON DEVELOPER LLC
  • PLANS DISCLOSED 10/15/2014
  • FILE DOB PLANS 10/15/2014
  • height in feet 648
  • Year Built 2017
  • file ag plans 12/08/2014
  • residential units 96
  • square feet 648,361
  • block and lot 1-01291-0010
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