Chetrit Group Plans $1.8B Sellout for 96 Condos in the Sony Tower
Back in June, we learned that the Chetrit Group was planning to partially convert the Philip Johnson-designed Sony Tower at 550 Madison Avenue to high-end condos. And it has now been revealed that the 96 condo units will amount to a jaw-dropping $1.8 billion sellout, according to plans the developer filed with the Attorney General’s office. By comparison, the initial total sellout at One57 was $2 billion, and at 432 Park Avenue it was $2.4 billion.
The Chetrit Group purchased the 37-story Sony Tower in 2013 for $1.1 billion at auction, outbidding 21 rivals and paying $685 million more for the building than Sony did in 2002. Meyer Chetrit and David Bistricer of Clipper Equity are listed as the principal sponsors of the condo conversion, and SLCE Architects as the architect. Floors 14 through 33 will be turned into residential units, taking up 434,778 square feet of the 648,366-square-foot building. There will be retail on the first floor and lower level, a museum annex on the second, third and mezzanine levels, and offices on floors six through 13. It’s also speculated that the overhaul will include a hotel.
[Related: Philip Johnson-Designed Sony Building to Get 96 Luxury Condos by Chetrit Group]
[Via TRD]
