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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
Amid a Downtown condominium boom, the Chetrit Group is aiming for a $334 million sellout of its forthcoming conversion of 49 Chambers Street in the...
550 Madison Ave ft
Sony will be moving more than just its corporate headquarters out of 550 Madison Avenue in Midtown. The electronics giant is set to close its...
550 madisonfbox
The Chetrit Group tapped Douglas Elliman’s Roger Erickson to handle sales at 550 Madison Avenue, the former Sony Building, which the developer is converting into...
New York City has, for quite some time, been the world’s most dynamic and high-stakes real estate market. But 2015 pushed all the elements that...
New York Skyline as seen from Ellis Island, Manhattan, New York
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Let’s face it — nothing seems to drum up more excitement for an upcoming project than a shiny new rendering. Like a placeholder on the skyline,...
David Bistricer, Clipper Equities, attends the Brooklyn Real Estate Roundtable at the Brooklyn Historical Society in the Brooklyn borough of New York City on August 7, 2012. Photographer: Jonathan Fickies
Brooklyn developer David Bistricer is forming a real estate investment trust to fund future acquisitions, The Real Deal has learned. Bistricer, who’s made a series of...
The Chetrit Group landed a $60 million acquisition loan for its Hudson Yards development site, and is renewing plans to develop the property it had...
Barneys New York, a company famously synonymous with Midtown Manhattan, moved a small part of its operations to Long Island City. The department-store chain has signed a...
A Qatari buyer is looking to combine multiple apartments at the ultra-luxe 220 Central Park South into a single, $250 million penthouse in the sky,...
Chetrit ft
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...
One of the mystery penthouses at 220 Central Park South is now officially listed on the project’s offering plan, and it’s asking $100 million. Tags:...
From the April issue:  Large Manhattan Class A office building sales are on fire. In a rebound following several slow years, 12 towers worth nearly $9 billion...
How will the ultra-luxe condos at 220 Central Park South stack up? Earlier this week, The Real Deal headed down to the New York Attorney...
Floor plans and pricing for Zeckendorf Development’s highly anticipated 520 Park Avenue are now available — and as promised, the triplex penthouse will ask a whopping...
A rendering of 220 Central Park South(Credit: Robert A.M. Stern Architects) Bring on the sales at 220 Central Park South! Vornado Realty Trust’s long-delayed luxury condominium...
Clockwise from left: 768 5th Avenue, 176 Perry Street (Unit 10S), 50 Central Park South and 3 East 95th Street (Unit 4) Chetrit Group’s planned...
President Herbert Hoover lived there for more than three decades. Frank Sinatra maintained a suite there, as did Cole Porter. Of silver screen goddess Marilyn...
If a $150 million penthouse is a tad out of your budget, fret not: the Chetrit Group’s forthcoming 550 Madison Avenue condominium has tons of options for...
The Chetrit Group is on the prowl for a buyer for its Hudson Yards development site, but in the meantime, the firm is planning on...
From left:
A triplex penthouse at the Chetrit Group’s 550 Madison Avenue will have the astronomical price tag of $150 million and is slated to shatter the record...
Joseph Chetrit secured a $129 million loan related to the $192 million acquisition of the Hotel Carter in Times Square, according to property records filed...
Joseph Chetrit’s firm Chetrit Group refinanced the Soho mixed-use building known as the Suspenders Building, obtaining a $70.5 million loan. Tags: chetrit group, joseph chetrit...
The Chetrit Group and Somerset Partners are days away from closing on a 1.5-acre waterfront site in the Bronx for $26 million as part of...
550 mad feat
Joseph Chetrit’s Chetrit Group is bringing 96 condominiums to the former Sony Building at 550 Madison Avenue, for a total sellout of a whopping $1.8...
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New York City has, for quite some time, been the world’s most dynamic and high-stakes real estate market. But 2015 pushed all the elements that...
Let’s face it — nothing seems to drum up more excitement for an upcoming project than a shiny new rendering. Like a placeholder on the skyline,...
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Local lenders New York Community Bank and Signature Bank finished near the head of the pack in the New York City commercial mortgage market last...

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