Friday 11 October 2013

Sony is to sell its US headquarters in Manhattan for $1.1billion | Sale by Madison Avenue, is to be purchased by Shetrit Group, which is a private Real Estate Firm out of New York



Sony is to sell its US headquarters in Manhattan for $1.1billion 
Big news out of Manhattan, as Sony plans to sell it's landmark Manhattan Skyscraper.

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The skyscraper which is on Madison Avenue, is to be purchased by Shetrit Group, which is a private Real Estate Firm out of New York. This sale, along with continued weakness in the Japanese Currency, the yen, lifted the share price of Sony by 12%
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Sony admitted that the motivation for the sale was to raise much-needed cash, expected to equal $770m, after debts on the building have been repaid.

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