Sony To Sell New York Office Building For More Than $1Billion

Sony has said it has agreed to sell its 37-story New York headquarters to investors led by the Chetrit Group for $1.1 billion. The shares surged the most in more than four years. The sale of 550 Madison Ave. will generate net cash proceeds of about $770 million after repaying debt tied to the building and other transaction costs. Sony is selling assets and cutting jobs to offset four years of losses within the company. The demand for TV's has been down and the competition from Samsung has increased. This sale by Sony will take advantage of rising values of real estate in New York.