Sony may sell its NYC HQ to soften a $5.7 million annual loss.
Sony may sell the building housing its New York City headquarters to help recover from its $5.7 million fiscal year loss, according to the New York Post.
The company recently held talks with the Blackstone Group, a private-equity firm, regarding sale of its skyscraper at 550 Madison Ave. The building, purchased from AT&T in 1992, is worth between an estimated $700 million and $1 billion and houses a two-floor flagship Sony store as well as a company technology lab. The site is sometimes used to host PlayStation press events.
Sony executives have also toured a former New York Times building in Times Square as a potential move, a building owned by Blackstone and also being looked at by Microsoft and Viacom. A source close to Sony said that the Times Square building was considered as a possible relocation for current staff but was eventually passed on.
According to the Post, Sony's loss can be attributed to the rising success of Apple and Samsung products. In April, Sony CEO Kaz Hirai stated that six percent, or 10,000 jobs, would be cut from the company's workforce in an effort to protect profits.
Sony would not comment on speculation of the sale.