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New York

VIDEO: The former Sony Building won’t be getting its Robert A.M. Stern-designed condos anymore

Chetrit, Clipper selling the famed building to Olayan America for $1.3B-plus

Amid concerns about a potential glut in New York City’s ultra-luxury market, the Chetrit Group and Clipper Equity are canceling their plans for a condo conversion of the former Sony Building.

Olayan America, a division of Saudi conglomerate Olayan Group, is in contract to acquire 550 Madison Avenue for more than $1.3 billion, as The Real Deal previously reported.

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In early 2013, Chetrit and Clipper paid Sony $1.1 billion for the 37-story, 850,000-square-foot office building, with plans to turn the upper floors into 96 residential units. The crown jewel was to be a $150 million triplex penthouse, which would have been the city’s priciest listing ever.

Watch the above video for a closer look at the famed building.

For more videos, visit The Real Deal’s YouTube page.

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Chetrit GroupClipper EquityOlayan GroupSony Building