Saudi conglomerate Olayan Group is in contract to acquire the former Sony Building at 550 Madison Avenue, after the Chetrit Group and David Bistricer’s Clipper Equity scrapped its plans to convert the property to residential condominium units, sources told The Real Deal.
The deal is expected to close in May, sources said.
JLL’s Yoron Cohen is representing the buyer, while Eastdil Secured’s Doug Harmon is representing the seller.