Sony to sell $1 billion NYC HQ to help turn fortunes around
Sony are in talks to sell their gigantic New York headquarters, a new report from Bloomberg states.
New York-based commercial property firm the Cherit Group are said to be willing to pay $1.1 billion for the building, which has 37 storeys and is situated at the desirable 550 Madison Avenue address. The sale could bag Sony $770 million in net cash.
Though it sounds like a desperate move from Sony, that’s not quite the case. Sony employees will continue to work in the building for the next three years, and will mark a positive turn around from the company’s recent fortunes.
Sony are now on track to post a 20 billion-YEN profit for the fiscal year ending in March, a much needed improvement over four years of continued losses that peaked at a giant 457 billion-YEN annual loss.