Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Sony, which had vacated the 850,000-square-foot building on Madison Avenue between 55th and 56th streets, paid rent to the Chetrit partnership until just last week. (AP Photo Credit: Rainmaker Photo/MediaPunch/IPX)

(Bloomberg) – Developers who planned to convert Manhattan’s Sony Building into ultra-luxury condominiums, including a $150 million listing, agreed to sell the tower for more than $1.4 billion, according to person with knowledge of the deal.

Investors Joseph Chetrit and David Bistricer, have abandoned the condo proposal and are under contract to sell the building, at 550 Madison Ave., to a partnership led by Olayan Group, a Saudi Arabian investment firm, said the person, who asked not to be identified because the transaction is private. Chetrit and Bistricer acquired the Midtown property, formerly Sony Corp.’s U.S. headquarters, for $1.1 billion in 2013.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.