Chetrit, SL Green in talks to finance $1B Sony deal

Joseph Chetrit is taking the next step to close the $1.1 billion purchase of the Sony tower at 550 Madison Avenue. The property owner is now in talks with SL Green, the city’s largest commercial landlord, to finance around $800 to $900 million of the acquisition, Crain’s reported. SL Green would then sell the senior portion of the debt to a bank partner. As for the remaining $300 million, SL Green would keep it as mezzanine financing on its own balance sheet, Crain’s said. This story comes on the heels of one taking a look inside the deal.

Chetrit is aiming to convert a large portion of the 36-story property into condominiums, commanding per-square-foot prices of $4,000 or more. In addition, he either wants to sell or lease another part of the building to a high-end hotel operator.

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Sony will remain at the premises for roughly three more years and secure $770 million from the sale. [Crain’s]Zachary Kussin

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Chetrit, SL Green in talks to finance $1B Sony deal

Joseph Chetrit is taking the next step to close the $1.1 billion purchase of the Sony tower at 550 Madison Avenue. The property owner is now in talks with SL Green, the city’s largest commercial landlord, to finance around $800 to $900 million of the acquisition, Crain’s reported. SL Green would then sell the senior portion of the debt to a bank partner. As for the remaining $300 million, SL Green would keep it as mezzanine financing on its own balance sheet, Crain’s said. This story comes on the heels of one taking a look inside the deal.

Chetrit is aiming to convert a large portion of the 36-story property into condominiums, commanding per-square-foot prices of $4,000 or more. In addition, he either wants to sell or lease another part of the building to a high-end hotel operator.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Sony will remain at the premises for roughly three more years and secure $770 million from the sale. [Crain’s]Zachary Kussin

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