X


NAME


EMAIL


SUGGESTED
UPDATE


[wpgdprc "By using this form you agree with the storage and handling of your data by this website."]

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

550 Madison Avenue

550 Madison Avenue
New York, NY 10022
212-984-8184
Residential, Sales, Condo, Multifamily

The sponsor(s) filed plans on 12/08/14 for a condo project at 550 Madison Avenue with 113 residential units. The sponsor(s) were approved to market the units for sale on 10/14/15.

  • Address 550 Madison Avenue
  • neighborhood Plaza District
  • borough Manhattan
  • owner Chelsfield Group
  • developer Chelsfield Group
  • owner entity OAC 550 OWNER LLC
  • architect Adamson Associates Architects
  • PLANS DISCLOSED 12/07/2017
  • DOB FILE PLANS 12/07/2017
  • DOB FILE Link
  • height in feet 648
  • floors 37
  • total units 99
  • square feet 656,211
  • const. status JOB FILED
  • block and lot 1-01291-0010
  • BIN 1035769
  • 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.

04/01/2017
Stern this year, the claims were largely a preemptive measure. Stern’s company filed two liens against the Chetrit Group â€'totaling $900,329 â€' one month after news surfaced that the developer decided to abandon a condo conversion at 550 Madison Avenue...

02/24/2017
In April, for example, the Chetrit Group and David Bistricer sold the Sony Building to Saudi investor Olayan Group for $1.4 billion. The partners had been planning to 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...

12/29/2016
The owners, Joseph Chetrit’s Chetrit Group and David Bistricer’s Clipper Equity, pulled the plug on a 96-unit, Robert A.M. Stern-designed condominium conversion of the upper floors of the iconic 37-story property at 550 Madison Avenue...

12/31/2015
The apartment at 550 Madison Avenue is set to take the cake as the most expensive listing in New York City (and its biggest, at 21,000 square feet.) And other developers followed suit: The Zeckendorf brothers are asking $130 million for a triplex penthouse at 520 Park Avenue, JDS Development Group and Property Markets Group are reportedly going to launch $100 million-plus penthouses at 111 West 57th Street, and even Ben Shaoul’s Magnum Real Estate Group is mulling a seven-figure ask at his redevelopment of the Verizon building at 140 West Street...

12/28/2015
Stern brings 550 Madison Avenue back to life with the first look at the Chetrit Group’s Sony Building conversion...

09/01/2015
David Bistricer, CEO of Clipper Equity, Chetrit’s partner on five projects in Manhattan, including the conversion of the former Sony building at 550 Madison Avenue into luxury condos, said banks are being very selective about backing deals...

04/01/2015
Click to enlarge With a handful of record sales in the past year, there’s no question Manhattan real estate has entered a new stratosphere. But Click to enlarge With a handful of record sales in the past year, there’s no question Manhattan real estate has entered a new stratosphere. But...

03/14/2014
One new entry in the industry has already made a mark. Iron Hound, which began as a shop focused on workouts, advised on the second largest loan package in New York City last year:  the $925 million of debt arranged by SL Green Realty for the Chetrit Group’s acquisition and repositioning of 550 Madison Avenue...

02/01/2014
The Bank of China, which issued $1.4 billion in loans, did two of the 10 largest loans in the city last year. It originated $600 million for the Chetrit Group’s acquisition and repositioning of the Sony Building at 550 Madison Avenue...