The Real Deal New York

Chetrit aims to build condos in the Sony Building

Developer brought property at 550 Madison Avenue last year for $1.1B
June 10, 2014 08:30AM

Although never used as a residential tower before, the Sony Building at 550 Madison Avenue will house 96 condominiums after developer Chetrit Group filed plans to convert part of the building, the Wall Street Journal is reporting.

To date, only AT&T and Sony have been tenants at the 37-story, Philip Johnson-designed tower built in 1984. A summary of the filing was posted on the Attorney General’s office.

It’s still unclear how much the condos would cost and on which floors they will be built. Sony still leases offices in the building, according to the Wall Street Journal, which means that construction could be a year or two away.

The New York-based Chetrit Group, lead by Joseph Chetrit, bought the tower, last year from Sony for $1.1 billion in an auction. [WSJ]  — Claire Moses