Chetrit’s plans for Sony Building could include Bristol hotel

Developer in talks with Oetker Collection, Shangri-La

TRD New York /
Jun.June 09, 2015 12:30 PM

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 discussions with the likes of Germany’s Oetker Collection, which could be interested in launching a version of the Bristol, the firm’s five-star flagship, at 550 Madison Avenue. 

Other luxury hotel entities including Hong Kong’s Shangri-La and Pierre Omidyar’s Ohana Real Estate Investors have also expressed interest in the building, the New York Post reported. The hotel would occupy the 37-story tower’s lower floors.

Chetrit and frequent collaborator David Bistricer of Clipper Equity acquired the 648,000-square-foot building, for $1.1 billion in 2013 and filed plans last year to convert the tower’s 14th through 33rd floors into residential units.

Chetrit is looking to build 96 condos at the Sony Building – including a triplex penthouse asking a record $150 million — for a total sellout of $1.8 billion.

An offering plan revealed by The Real Deal also specified an 11,000-square-foot condo asking $75 million and a 9,000-square-foot unit priced at $60 million. [NYP]Rey Mashayekhi


Related Articles

arrow_forward_ios
Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval
Sharif El-Gamal, Joseph Chetrit and 1384 Broadway (Getty; Google Maps)

Chetrit Group sues Sharif El-Gamal for unpaid rent

Chetrit Group sues Sharif El-Gamal for unpaid rent
2870 Ocean Avenue and Isaac Chetrit, and 936 Home Street (Google Maps) 

Chetrit family’s dev site buy tops weekly mid-market sales

Chetrit family’s dev site buy tops weekly mid-market sales
Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue, iStock, Discovery Channel)

Chetrit battles Discovery Channel at 850 3rd Avenue

Chetrit battles Discovery Channel at 850 3rd Avenue
150 East 86th Street (Google Maps)

Barnes & Noble closing on Upper East Side

Barnes & Noble closing on Upper East Side
110 East 76th Street and Joseph Chetrit (Credit: Google Maps; Sylvain Gaboury/Patrick McMullan via Getty Images)

Joseph Chetrit sells UES townhouse for $25M

Joseph Chetrit sells UES townhouse for $25M
Joseph Chetrit and 88-20 153rd Street (Credit: Getty Images, Google Maps)

Chetrit plans fifth apartment building at Jamaica hospital site

Chetrit plans fifth apartment building at Jamaica hospital site
118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

Manhattan luxury home market off to worst start in seven years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...