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New York's Sony Building said to sell for more than $1.4 billion

The buyers intend to keep the building as office space.

By Oshrat Carmiel and David M. Levitt | Updated on April 25, 2016
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.

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