Racing against the recession

With the clock ticking and the economy sending mixed signals, New York City developers change plans to try to outsmart the market

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From the September issueAt the beginning of 2013, Joseph Chetrit and David Bistricer set the city’s real estate circles abuzz when they outbid 21 competitors to Buy The Sony Building On Madison Avenue for an astonishing $1.1 billion. The team planned to convert the massive 850,000-square-foot office tower into luxury condos, a hotel and retail space. The cherry on top of the 37-story building, it was later revealed, would be a record-shattering $150 million penthouse. [more]

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