Sony will sell New York headquarters for $1.1 billion
Sony will sell the 37-story headquarters in New York City for around $1.1 billion to an investor group headed by Chetrit.
Overall, the sale should yield Sony $770 million in cash, a big injection for the struggling company. The Japanese electronics maker said it will continue leasing the space in the next three years.
Chetrit Group, the buyer, also owns the famous 108-story Willis Tower (often referred to as the Sears Tower).
As to the building Sony is selling right now, it is located at 550 Madison Avenue, and until 2002 was owned by AT&T. The Japanese company bought it for $236 million.
1. papss (unregistered)
Hmmm... It's a tough market right now.
18. Nadr1212 (Posts: 741; Member since: 22 Sep 2012)
PA shouldn't complain for Sony cuz they r about to make a come-back with their Sony Xperia Z and (possibly) ZL
2. anupam.chopra (Posts: 17; Member since: 04 Dec 2012)
Buy it For 236 million sell it for 1.1 Billion. 550% return in 10 years. Not bad ..... :-)
5. flower99 (banned) (Posts: 54; Member since: 18 Nov 2012)
dont say out loud, at&t will cry lol
8. android_hitman (unregistered)
not bad dude... but it's stupid to sell such a nice asset...
11. the_best (Posts: 139; Member since: 14 Oct 2012)
not entirerly true, the usd lost nearly half its value in that time.. but its still a nice profit =)
6. BLikens1619 (Posts: 57; Member since: 12 Apr 2008)
So does this mean that the Sony Store at 550 Madison Avenue will close as well?
15. darac (Posts: 2156; Member since: 17 Oct 2011)
Nothing will get closed, Sony will stay there and continue using it on a lease
7. RaKithAPeiRiZ (Posts: 1436; Member since: 29 Dec 2011)
if i had money ...ill just buy that Building for no apparent reason
10. oister85 (Posts: 431; Member since: 27 Apr 2012)
How bad is sony struggling right now.
I hope the z help them
Also the nokia with the lumia 920
12. Tsepz_GP (Posts: 888; Member since: 12 Apr 2012)
Poor Sony, it's a mere shadow of its former self, they need to focus on at least getting back in the black financially. How the mighty have fallen.
13. r41nier (Posts: 69; Member since: 13 Oct 2011)
Sony changed strategy 9 months ago with the new CEO. We will see it's effect on the future of Sony. I'm sure Xperia Z will help them rise again.
14. techloverNYC (Posts: 501; Member since: 20 Nov 2012)
Its not like sony actually lose money in this deal
17. oister85 (Posts: 431; Member since: 27 Apr 2012)
yeah but that means they struggling internelly with money
16. MrJerry (Posts: 402; Member since: 05 Oct 2012)
Plz rise up sony
I just dont want sammy to dominate whole market
I want competition
It is good for everyone except for lazy-lame company
19. belovedson (Posts: 832; Member since: 30 Nov 2010)
sony has been hurting for awhile
no one really gives a crap about their televisions, laptops, or computers
apart from the z for (att)? and the playstation series. they are only eeking it out right now