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

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 June 2016, the Saudi firm Olayan Group purchased the building for $1.4 billion, putting an end to a plan to convert it to residential condos. 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 was expected to take year, however, and Sony expected to remain 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
  • borough Manhattan
  • owner Olayan Group, Chelsfield
  • developer CHETRIT GROUP
  • owner entity 550 MADISON DEVELOPER LLC
  • architect Pereiras Architects Ubiquitous
  • PLANS DISCLOSED 12/08/2014
  • DOB FILE PLANS 09/23/2014
  • DOB FILE Link
  • LIST/LAUNCH SALES 10/14/2015
  • height in feet 648
  • floors 37
  • AG Initial Price $ 1,898,050,000
  • ag file plans 12/08/2014
  • AG FILE Link
  • residential units 113
  • commercial units 2
  • hotel units 0
  • total units 99
  • square feet 648,358
  • const. status ON THE MARKET
  • block and lot 1-01291-0010
  • BIN 1035769

10/09/17
...Clockwise from top left: 550 Madison Avenue, 245 Park Avenue and 60 Wall Street “When in Rome” appears to have gotten lost in...

10/08/17
...Kendall Square in Cambridge and the Big Apple's 550 Madison Avenue have in common? In the last five years, each of these office buildings made...

10/08/17
...Investments Center, left, One Kendall Square, back, and 550 Madison Avenue, left, brought in largest resale gains over the past five years. (Joe Mabel, left...

05/26/17
...a plan to convert the office building at 550 Madison Avenue into a 96-unit, $1.9 billion dollar residence. With units that will average just over $1 million...

04/10/17
...the condo conversion of the Sony Building at 550 Madison Avenue and 287 Park Avenue South. Others are in limbo, including a ground-up condo project at...

03/25/17
...Johnson is best known for the Seagram Building, 550 Madison Avenue, the Lipstick Building, and the David H. Koch Theater at Lincoln Center. But the...

03/16/17
...and Joseph Chetrit bought the Sony Building at 550 Madison Avenue for $1.1. billion and announced plans to convert the top floors into condos. They were...

02/24/17
...convert the upper floors of the tower at 550 Madison Avenue into a $1.9 billion condo project, but Olayan will maintain it as an office property...

02/10/17
...paid $1.1 billion for the former Sony headquarters at 550 Madison Avenue with the intention of converting it to condos. Instead, they sold the building for...

01/31/17
...the Related Companies, bought the Sony Building at 550 Madison Avenue for $1.4 billion. Now, some voiced concern that Trump’s policies and anti-immigrant rhetoric could...

01/23/17
...Across the street is the Sony Building at 550 Madison Avenue, which Olayan Group and Chelsfield acquired for $1.4 billion, or $1,647 per square foot, last year...

12/30/16
...April, the developer sold the Sony Building at 550 Madison Avenue to the Olayan Group for $1.4 billion...

12/29/16
...Olayan, RXR Realty's Scott Rechler, CalPERS' Marcie Frost, 550 Madison Avenue, 787 Seventh Avenue and 388-390 Greenwich Street Manhattan skyscrapers remain the ultimate savings account for...

12/05/16
...plan to turn to the Sony Building at 550 Madison Avenue into luxury condos, selling the property to Olayan America for $1.4 billion. SL Green Realty...

11/21/16
...From left: Suliman Olayan, 550 Madison Avenue and Hutham Olayan Olayan America locked down a $570 million, four-year loan for the Sony...

11/07/16
...the upper portion of the Sony Building at 550 Madison Avenue, was abandoned in April when Clipper Equity and the Chetrit Group decided to sell...

10/30/16
...550 Madison Avenue Olayan America is teaming with Parsons School of Design and Swarovski to glitz up...

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 a blockbuster deal to...

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

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

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

06/17/16
...properties. Clipper Equity bought the Sony Building at 550 Madison Avenue along with the Chetrit Group in 2013 for $1.1 billion. They sold it earlier this year...

06/13/16
...Saudi-based Olayan Group bought the Sopny Building at 550 Madison Avenue from Clipper Equity and the Chetrit Group for $1.4 billion. Both deals were first reported...

06/08/16
...Center and Hudson Yards, the Olayan Group’s 550 Madison Avenue and the Trump Organization’s 6 West 57th Street. JLL’s Peter Riguardi is leading...

06/07/16
...where trophy assets like the Sony Building, at 550 Madison Avenue, have continued to trade for nine figures...
  • Event Financing
  • Address 550 Madison Avenue
  • Neighborhood Central Midtown
  • Borough Manhattan
  • Square feet 37
  • Price $ 570,000,000
  • Publication Date 01/01/2017
  • Event Date 11/17/2016
  • Party 1 ING Capital, Bank of East New York, Credit Agricole, Societe General, Nataxis Real Estate Capital
  • Party 2 Olayan America
notes
The company secured a $570 million refinance loan to replace its short-term bridge loan.
  • 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
...History Channel building in the Bronx, Donald Trump, 550 Madison Avenue and The Real Deal's April issue New York City has, for quite some time...

12/28/15
...drop in 2015. A rendering of 550 Madison by DBOX 550 Madison Avenue Though the building itself isn’t new, Robert A.M. Stern brings 550 Madison Avenue...

...the conversion of the former Sony building at 550 Madison Avenue into luxury condos, said banks are being very selective about backing deals. “There’s...

...million penthouse at the former Sony building at 550 Madison Avenue, and a possible $175 million listing at 220 Central Park South.  To be sure, there is...

...acquisition and repositioning of the Sony Building at 550 Madison Avenue. It also did a $498 million loan for Milstein Properties’ refinancing of 335 Madison Avenue, which...
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