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 Philip Johnson-designed Sony Tower at 550 Madison Avenue, one of the most notable postmodern office towers in New York City, is set to be partially converted to high-end condos, as states planes filed by developer Chetrit Group. It’s not known which of the building’s 37 floors the residential units will occupy, but Chetrit, led by Joseph Chetrit, has said in the past that it will convert the upper floors and either keep the lower floors as offices or turn them into a luxury hotel.
Construction likely won’t begin for at least one to two years since Sony still leases office space. When the developer purchased the building from Sony in 2013 for $1.1 billion at auction, Sony committed to remaining in the offices for around three years until moving to a new space near Madison Square. Chetrit outbid 21 rivals and paid $685 million more for the building than Sony did in 2002.