Robert A.M. Stern designing Chetrit’s Sony Building condos

Redevelopment, dubbed 550 Madison, sizes up to 113 condos and will feature upscale hotel

New York /
Dec.December 02, 2015 04:10 PM

The Chetrit Group’s much-hyped condo conversion of the Sony Building in Midtown is picking up steam, with the launch of the project’s teaser site that reveals several new details – including Robert A.M. Stern Architects’ involvement in the redevelopment.

The architectural firm, known for its work on high-end luxury residential projects like Zeckendorf Development’s 15 Central Park West and Silverstein Properties’ 30 Park Place, will design the tower’s condos, which will occupy floors 21 through 43 of the building.

The project — newly dubbed 550 Madison, after the Sony Building’s address — will also hold 113 condos, instead of 96 units as previously reported, according to Curbed.

Also previously reported and coming to fruition will be a hotel in the building operated by Germany’s Oetker Collection – the 170-key New York Masterpiece, which will feature 60 suites and amenities, such as a pool, spa and upscale restaurant, that will also be available to the tower’s condo residents.

The Chetrit Group partnered with frequent collaborator David Bistricer of Clipper Equity to acquire the 37-story property from Sony for $1.1 billion in 2013. Chetrit filed a condo offering plan for the building earlier this year.

A triplex penthouse at 550 Madison is expected to ask $150 million, as The Real Deal reported, while the tower’s second- and third-priciest units will look to fetch $75 million and $60 million, respectively.

The conversion, expected to open in early 2018, will be Midtown’s latest luxury hotel-condo redevelopment in the vein of buildings like Extell Development’s One57, which has a Park Hyatt hotel on its lower floors. [Curbed]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
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
315 West 35th Street with Isaac Chetrit and DJ Dashti (Google Maps, Linkedin, iStock)
Chetrit to open flex-office location near Penn Station
Chetrit to open flex-office location near Penn Station
261 Madison Avenue and 205 East 42nd Street are among the closed locations. (Sapir, Durst, WeWork)
WeWork dumps several Manhattan locations
WeWork dumps several Manhattan locations
From left:  Joseph Chetrit, 404 Fifth Avenue and WeWork CEO Sandeep Mathrani (Photos via Wikipedia Commons; Google Maps)
WeWork battles Chetrit Group over Midtown lease
WeWork battles Chetrit Group over Midtown lease
Joseph Chetrit and 49 Chambers (Getty, 49 Chambers)
Chetrit lands $90M inventory loans for Tribeca condo conversion
Chetrit lands $90M inventory loans for Tribeca condo conversion
arrow_forward_ios

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

Loading...