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Sony's New York City HQ was put up for sale and already has a buyer, The Chetrit Group, which will pay $1.1 billion for the property. That got them a prime Madison Avenue address with over 800,00 square feet of office space.
Why sell? Sony isn't doing so hot lately, with less money in the bank than they're used to, so now they're scrambling to get back in the black. Dumping their fancy digs will take advantage of rising New York real estate values, says Bloomberg, giving them some $770 million in cash, and boosting their operating income by $685 million.
Where will they move? They're not sure yet, but it'll likely be somewhere in Manhattan.
I wonder what'll happen to that cool Sony store and PlayStation experience (shown above) located there.