550 Madison Avenue, known previously as the Sony Tower and the AT&T
, is a 37-story skyscraper located between 55th Street and 56th Street in Midtown, Manhattan. In January 2013, the
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.
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.
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...From left: Hutham Olayan, the Sony Building at
550 Madison Avenue and CBRE's Mary Ann Tighe
About three months after negotiating...
...Tribeca, 1285 Sixth Avenue in Midtown and the Sony Building at
550 Madison Avenue in Midtown
At the year's halfway mark, total dollar volume...
550 Madison Avenue was sold to Olayan America, a division of Saudi conglomerate...
Before deciding to sell the Sony Building at
550 Madison Avenue, the Chetrit Group and Clipper Equity had grand plans for...
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UPDATED, June 14, 10:43 a.m.: Citigroup closed on the repurchase of its Tribeca headquarters at 388-390 Greenwich Street from SL Green Realty for $1.76 billion,...
...Time Warner Center and Hudson Yards, the Olayan Group’s
550 Madison Avenue and the Trump Organization’s 6 West 57th Street. (more&hellip...
U.S. commercial real estate values continue to experience a slowdown in growth in 2016, according to a new report from real estate research firm Green...
...From left: Suliman Olayan,
550 Madison Avenue and Hutham Olayan
Saudi conglomerate Olayan Group closed on its...
A handful of New York City’s most prominent residential developers clashed over the state of the residential market Thursday at a panel event hosted by...
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The prospective residential conversion of the Sony Building at
550 Madison Avenue was once a symbol of the luxury property boom. With...
...of Saudi conglomerate Olayan Group, is in contract to acquire
550 Madison Avenue for more than $1.3 billion, as The Real Deal previously reported...
It’s not just Manhattan’s residential market that is feeling the effects of a supply glut and greater economic uncertainty, according to Boston Properties. The city’s...
...it will own a new trophy: the Sony Building at
550 Madison Avenue.
Why then, does nearly no one in the industry know...
550 Madison Avenue in Midtown (inset: Joseph Chetrit and Yoron Cohen)
It sure was fun for developers while it lasted. But those now bringing new product to Manhattan have more tempered expectations. The overall projected sellout...
A pair of pictures is worth 1,000 of Joseph Chetrit’s words, at least to Dorothea Rockburne. Tags: chetrit group, Sony Building ...
...former headquarters into ultra-luxury condominiums and a swank hotel at
550 Madison Avenue.
The developers recently arranged a six-month extension for the $900 million...
Condominium construction hit record highs in Manhattan over the past year, with hundreds of new high-end homes rising across the borough. With luxury condo inventory at...
It’s easy to underestimate just how luxury-focused the New York City real estate cycle has been since the sunset of the financial crisis. Average per-unit...
...the Chetrit Group is asking $150 million for a penthouse at
550 Madison Avenue and a buyer is reportedly in contract on a $200 million-plus...
550 Madison Avenue
Price per foot
The Sony building sold for $1.4 billion.
550 Madison Avenue
The company secured a $570 million acquisition loan.
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