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
(Extell, Ritz Carlton, Gryffindor, CC BY-SA 3.0, via Wikimedia Commons)
Bank OZK dominated Manhattan’s top real estate loans in February
Bank OZK dominated Manhattan’s top real estate loans in February
550 Madison Avenue and Hermès CEO Axel Dumas (Photo credit: David Shankbone; cropped by Beyond My Ken (talk) 13:28, 30 January 2011 (UTC), CC BY-SA 3.0, via Wikimedia Commons, Getty)
Hermès moving US headquarters to Olayan’s 550 Madison Avenue
Hermès moving US headquarters to Olayan’s 550 Madison Avenue
From left: Michael Stern and Joseph Chetrit in front of 9 DeKalb Avenue in Brooklyn (Getty Images, JDS Development, LoopNet/Photo Illustration by Steven Dilakian for The Real Deal)
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Inside the rent roll at Chetrit’s 26 Broadway
Inside the rent roll at Chetrit’s 26 Broadway
Inside the rent roll at Chetrit’s 26 Broadway
(Getty, Winick)
Chetrit Group sells 1231 Third Avenue
Chetrit Group sells 1231 Third Avenue
The Chetrit Organization’s Michael Chetrit, Harbor Group International CEO Jordan Slone and 850 Third Avenue (Harbor Group, 850thirdavenue)
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Chetrit Org’s 850 Third Avenue heads to foreclosure auction
Joseph Chetrit with the Tides Hotel  (Getty, Tides via Facebook)
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage
arrow_forward_ios

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

Loading...