New York




550 Madison Avenue

Developer Abandons Plans for Hotel-Condo Conversion of 37-Story Sony Tower, Midtown

Last month, the Chetrit Group began converting the 37-story, 855,000-square-foot Sony Tower – the office building at 550 Madison Avenue, between East 55th and 56th streets, in Midtown – into 113 condominiums, a 170-key hotel, and 25,451 square feet of retail space. Now, Olayan America (the U.S. branch of Saudi Arabia-based Olayan Group), with minority investor Chelsfield, is in contract to acquire the tower for more than $1.3 billion, according to The Real Deal, officially stopping the project in its tracks. The new owners will not follow through with the conversion and will lease the building as office space. Chetrit is selling the building, most likely because of the cooling ultra-luxury residential market, for at least $200 million more than what they payed for it in 2013. The soon-to-be new owners have secured $300 million in mezzanine debt and a $600 million mortgage for the acquisition. The sale is expected to close in May.


76-15 45th Avenue

Four Two- & Three-Family Houses Coming to 76-15 45th Avenue, Elmhurst

Property owner Chang Xiong Chen has filed applications for four two- to three-family residential buildings at 76-09 – 76-15 45th Avenue, in northern Elmhurst, located seven blocks from the Elmhurst Avenue stop on the M/R trains. The two inner buildings will be three-story, two-family houses, each measuring 2,415 square feet. They will be bookended by three-story, three-family buildings, each of which will measure 3,905 square feet. Across the entire development, the apartments – coming in full-floor and multi-floor layouts – should average 901 square feet apiece. Dezhang Fang’s Flushing-based Fang Architect is the architect of record. At nos. 76-11 and 76-15, two two-and-a-half-story houses must first be demolished. Permits were filed to do so back in August of 2015.


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