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NYC's Sony Building Snapped Up For More Than $1.8bn

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Two international property investors have paid more than $US1.4 billion ($AU1.8bn) for the Sony Building in Manhattan, the New York Midtown icon known for its notched Chippendale top, according to The Australian. 

The original building developers had planned to convert the Sony Building into ultra-luxury condominiums, including a $150 million listing.

Olayan America, a subsidiary of Saudi investment conglomerate Olayan Group, along with Chelsfield Group, a London investment company, agreed to buy the office building for $US1.4bn-$US1.5bn. Chelsfield Group will be a minority partner in the deal.


The buyers bought the tower, at 550 Madison Avenue, from the Chetrit Group, which bought the Sony Building in 2013 for $US1.1bn.

“We are delighted to partner once again with Olayan on a trophy property in a world-class city,” said Elliott Bernerd, joint chairman of Chelsfield, reported The Australian.

Chetrit, along with property company Clipper Equity, had planned to convert the 37-storey building into luxury condominiums and a hotel.

The Australian reported that Olayan America and Chelsfield are expected to keep the Sony Building as a commercial office space. Sony was the only tenant in the building, but the company recently moved out to another location.

That the AT&T building was created by Philip Johnson, who brought an international style to America in 1932 with his MoMA exhibition and designed modernist forms such as the Glass House in New Canaan, Connecticut.

Doug Harmon of Eastdil Secured LLC represented the sellers in the deal.

 

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Article originally posted at: https://theurbandeveloper.com/articles/nycs-sony-building-snapped-up-for-more-than-1-8b