550 Madison Avenue | The Real Deal New York

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550 Madison Avenue

550 Madison Avenue
New York, NY 10022
(646) 230-9360
Office, Retail, Residential, Sales, Conversion, Leasing/Rental, Condo (Building), Other
550 Madison Avenue
550 Madison Avenue, known previously as the Sony Tower and the AT&T Building, is a 37-story skyscraper located between 55th Street and 56th Street in Midtown, Manhattan. In January 2013, the Chetrit Group acquired the building from Sony for $1.1 billion. Following a yearlong auction, Chetrit beat out over a dozen other bidders. The transaction netted Sony $685 million. Architect Philip Johnson and partner John Burgee designed the skyscraper, which is known for its ornamental top resembling the detailing of English Chippendale cabinetry. The building has had only two tenants, Sony and AT&T, since it was completed in 1984. In a sign of how much New York City real estate has changed since the 1980s, Chetrit plans to convert the office building into residential apartments. Conversion work is years away, however, as Sony will continue to be a tenant until 2016. In October 2014, Chetrit filed plans to convert floors 14 to 33 in the building to apartments. SLCE Architects drafted the conversion plan, which calls for retail space on the first floor and a lower level, as well as a museum annex on the second, third, and mezzanine levels, and offices on the sixth through 13th floors. Renovation of the building could cost as much as $500 million. -MK
  • Address 550 Madison Avenue
  • neighborhood Midtown West
  • borough Manhattan
  • owner Chetrit Group
  • developer Chetrit Group
  • owner entity 550 MADISON DEVELOPER LLC
  • architect SLCE ARCHITECTS
  • PLANS DISCLOSED 10/15/2014
  • DOB FILE PLANS 10/15/2014
  • DOB FILE Link
  • height in feet 648
  • floors 37
  • Year Built 2017
  • ag file plans 12/08/2014
  • AG FILE Link
  • residential units 96
  • total units 96
  • square feet 648,358
  • block and lot 1-01291-0010
  • BIN 1035769

07/25/16
...From left: Hutham Olayan, the Sony Building at 550 Madison Avenue and CBRE's Mary Ann Tighe About three months after negotiating...

07/12/16
...Tribeca, 1285 Sixth Avenue in Midtown and the Sony Building at 550 Madison Avenue in Midtown At the year's halfway mark, total dollar volume...

06/30/16
...Before 550 Madison Avenue was sold to Olayan America, a division of Saudi conglomerate...

06/30/16
...to be. Before deciding to sell the Sony Building at 550 Madison Avenue, the Chetrit Group and Clipper Equity had grand plans for...

06/17/16
Federal and state corruption investigators are studying documents, emails and financial records related Mayor Bill de Blasio’s campaign donations. Their subpoena reportedly targets specific donors,...

06/13/16
UPDATED, June 14, 10:43 a.m.: Citigroup closed on the repurchase of its Tribeca headquarters at 388-390 Greenwich Street from SL Green Realty for $1.76 billion,...

06/08/16
...Time Warner Center and Hudson Yards, the Olayan Group’s 550 Madison Avenue and the Trump Organization’s 6 West 57th Street. (more&hellip...

06/07/16
U.S. commercial real estate values continue to experience a slowdown in growth in 2016, according to a new report from real estate research firm Green...

06/02/16
...From left: Suliman Olayan, 550 Madison Avenue and Hutham Olayan Saudi conglomerate Olayan Group closed on its...

05/12/16
A handful of New York City’s most prominent residential developers clashed over the state of the residential market Thursday at a panel event hosted by...

05/06/16
Two Kazakh bigwigs who allegedly participated in an international money laundering scheme by stashing money in a Chetrit Group project won’t be able to access their...

05/05/16
The Qatar Investment Authority, the energy-rich nation’s sovereign wealth fund, is reportedly in advanced negotiations to buy the St. Regis luxury hotels in New York...

05/05/16
It has been whispered about for months, but now it’s official: Vornado Realty Trust is offering up a palatial four-floor apartment at 220 Central Park South...

05/03/16
Vornado Realty Trust is teaming with the Related Companies and Swedish construction giant Skanska on a bid to redevelop the James A. Farley Post Office...

04/28/16
...Madison The prospective residential conversion of the Sony Building at 550 Madison Avenue was once a symbol of the luxury property boom. With...

04/27/16
...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...

04/27/16
It’s not just Manhattan’s residential market that is feeling the effects of a supply glut and greater economic uncertainty, according to Boston Properties. The city’s...

04/27/16
...it will own a new trophy: the Sony Building at 550 Madison Avenue. Why then, does nearly no one in the industry know...

04/25/16
...550 Madison Avenue in Midtown (inset: Joseph Chetrit and Yoron Cohen) Olayan America...

04/12/16
It sure was fun for developers while it lasted. But those now bringing new product to Manhattan have more tempered expectations. The overall projected sellout...

03/28/16
A pair of pictures is worth 1,000 of Joseph Chetrit’s words, at least to Dorothea Rockburne. Tags: chetrit group, Sony Building ...

03/21/16
...former headquarters into ultra-luxury condominiums and a swank hotel at 550 Madison Avenue. The developers recently arranged a six-month extension for the $900 million...

03/15/16
Condominium construction hit record highs in Manhattan over the past year, with hundreds of new high-end homes rising across the borough. With luxury condo inventory at...

03/14/16
It’s easy to underestimate just how luxury-focused the New York City real estate cycle has been since the sunset of the financial crisis. Average per-unit...

02/18/16
...the Chetrit Group is asking $150 million for a penthouse at 550 Madison Avenue and a buyer is reportedly in contract on a $200 million-plus...
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  • Event Sales
  • Address 550 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 852,830
  • Price $ 1,400,000,000
  • Price per foot $ 1,641.59
notes
The Sony building sold for $1.4 billion.
  • Event Financing
  • Address 550 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 852,830
  • Price $ 570,000,000
  • Publication Date 07/01/2016
  • Event Date 05/15/2016
  • Party 1 Olayan Group
  • Party 2 ING Capital
notes
The company secured a $570 million acquisition loan.

12/31/15
New York City has, for quite some time, been the world’s most dynamic and high-stakes real estate market. But 2015 pushed all the elements that...

12/28/15
Let’s face it — nothing seems to drum up more excitement for an upcoming project than a shiny new rendering. Like a placeholder on the skyline,...

Big names. Big projects. Big price tags. Despite being New York City’s smallest borough, Manhattan development has clearly grown to ...

With a handful of record sales in the past year, there’s no question Manhattan real estate has entered a new stratosphere. But even as asking...

Local lenders New York Community Bank and Signature Bank finished near the head of the pack in the New York City commercial mortgage market last...
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