(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.
The buyers intend to keep the building as office space, according to a statement by Chelsfield Group Ltd., Olayan’s London-based partner on the deal, that didn’t disclose the price.
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