550 Madison Avenue, the former Sony Building in the heart of Midtown Manhattan, has a new owner and a new — but as yet unknown — name.
Two property investors, the US subsidiary of Saudi conglomerate Olayan Group and London-based Chelsfield, have agreed to pay between $1.3bn and $1.4bn to buy the New York property — one of the city’s landmark office buildings.
Its previous owner, Chetrit Group, had hoped to convert much of the 37-story tower into exclusive condominiums and a luxury hotel. But news of the sale puts an end to its plans, at a time when the residential property market in New York, as in other financial capitals, softens.
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