Deals
Sony’s NYC Tower Draws ‘Aggressive’ $1.1 Billion Price
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Sony Corp.’s deal to sell its U.S. headquarters for $1.1 billion is an aggressive price for a tower in need of renovations, according to Real Capital Analytics Inc.
The planned purchase of the Sony Building at 550 Madison Ave. in midtown Manhattan by investors led by the Chetrit Group values the 28-year-old building at $1,287 a square foot, data from the New York-based research firm show. By comparison, 510 Madison Ave., two blocks to the south, was sold new and empty to Boston Properties Inc. in August 2010 for about $800 a square foot, said Dan Fasulo, Real Capital managing director.