Sony May Sell Its NYC Skyscraper In Order To Help Recover Fiscal Year Loss

Posted on Jun 14 2012 - 5:40am by Editorial Staff

According to the New York Post, Sony may sell off its building housing its New York City headquarters in order to help recover its fiscal year loss. The HQ is located at 550 Madison Ave and the company recently found talking with a private-equity firm, the Blackstone Group. The building was purchased from AT&T in 1992 and is worth between an estimated price of $700 million and $1 billion. Further, the Time Square building was considered as a possible relocation option for current staff but was eventually passed on.

Sony lastly announced that it’ll report a record $6.4 billion loss for the 2011 financial year. The company has revised its consolidated results forecast for the fiscal year ended March 31, 2012 from that announced on February 2, 2012. The company already expected $2.9 billion loss from operations, and had resulted to the company’s estimated accounts for the year.

About the Author

Editorial Staff at I2Mag is a team of subject experts.