Sony may sell its fancy New York City skyscraper

Ben Gilbert — Wed, 13 Jun 2012 11:15:00 EST

Sony's got a pretty swanky skyscraper in Manhattan. That skyscraper, however, may not feature Sony's logo much longer - not to mention the employees it houses - as the private-equity firm Blackstone Group for the potential sale of the 55th and Madison-based, 37-story building.

Said talks apparently didn't conclude with a plan. A variety of potential outcomes are up in the air: renting out part of the building, selling the whole thing and leasing back part of it, and outright sale are all proposed in the piece.

"Sources familiar with the structure" valued the building at somewhere between $700 million and $1 billion, and Sony outright owns the structure - that kind of capital infusion would significantly impact the ailing hardware manufacturer's bottom line. The company's fiscal 2012 results depict a grim reality for Sony, with even its Consumer Products & Services division (read: PlayStation) suffering losses.

Update: The commercial real estate group Newmark Grubb Knight Frank was originally named by the NY Post as party to these talks. The group has since refuted those claims.

[Image credit: Rafael Chamorro]

Sony may sell its fancy New York City skyscraper originally appeared on Joystiq on Wed, 13 Jun 2012 11:15:00 EST. Please see our terms for use of feeds.

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