There's a Building That's Not Going Condo!
April 27, 2016 — The Sony Building will continue life as an ugly office tower.
The Sony Building on Madison Avenue has been likened to a Chippendale bookcase, and it is, no contest, one of the ugliest buildings ever designed by Philip Johnson or any other American architect. But at least it isn’t being converted into condos like every other building in New York City.
The Saudi conglomerate Olayan Group is buying the 37-story eyesore for $1.3 billion, after the Chetrit Group and Clipper Equity abandoned plans to turn the upper floors into luxury condos and a hotel, The Real Deal reports. Chelsfield, an asset manager, will own a minority stake in the building, which will continue to be what it has always been – an ugly, imposing, unloved office tower.
Chetrit and Clipper bought the building in 2013, then announced plans to build 96 luxury condos on the upper floors, to be designed by Robert A.M. Stern. Plans called for a triplex penthouse with an asking price of just $150 million.
Brokers were reportedly seen on Madison Avenue, weeping over the loss of all those potential commissions.