More than 30 years ago, the Sony Building, located at 550 Madison. Ave., was constructed. Since that time, two companies, AT&T and Sony, have made it their New York home.
In the near future, this is going to change forever thanks to plans for a portion of the building to be converted to high-end condominiums. With this in mind, it will not be long until wealthy buyers take a closer look and realize the prestige that would come along with living in one of the most famous buildings in the Big Apple.
At this time, there is no information available on which floors of the 37-floor building will be converted to condos; however, the Chetrit Group is taking on the project. In the end, there will be 96 units for sale.
The Chetrit Group purchased the tower from Sony last year for $1.1 billion. At that time, the electronics giant agreed to lease space in the building for a period of three years before moving to another building in the area.
This is a big change for a building that has never been used for residential purposes. Now is the time to strike, however, thanks to an increase in desirability among super-luxury condos in the city.
New York City never sleeps, especially when it comes to real estate development. The Sony Building stood relatively unchanged for many years; however, this is not going to be the case much longer, with condominiums set to be added to the building within the next couple of years.
Source: The Wall Street Journal, "Portion of Sony Building to Become High-End Condos" Eliot Brown, Jun. 09, 2014