Sony to Sell New York Headquarters for $1.1B
January 18, 2013 8:39 AM
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Sony sells NYC HQ, but will stay in building for now
Sony has announced that it will be selling off its 37-story New York headquarters to a group of investors led by the Chetrit Group. The deal will see the building sold for $1.1 billion and Sony says that it will generate net cash proceeds of about $770 million after it pays debit associated with the building and other costs associated with deal.
Sony won't be moving out of the building, however;
reports that Sony will remain in the building for up to three years.
Sony continues to face difficult times as it sells assets and
as it battles its fourth straight year of losses. Things are looking up a bit for Sony as it is predicting $223 million (¥20 billion) in profit for the fiscal year ending March 31.
That isn't a lot of profit for Sony, but it's vastly improved from the ¥457 billion loss Sony posted in the previous fiscal year. Sony did note that it would be reevaluating its forecast for its fiscal year after the sale of the building.
The sale of Manhattan property saw Sony's stock price rise 12% to close at ¥1149 per share at the close of Tokyo trading. That marks the biggest gain for Sony stock since October 14, 2008.
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RE: Sony sucks
1/18/2013 11:49:51 AM
While I dislike Sony as a company, and I can agree that they've been milking their brand recognition in recent years rather than innovating, I have to admit that I've had good luck with their products. My Walkman portable cassette and CD players still work to this day, granted they haven't seen use in some time. I've got an 8-year-old Sony stereo receiver in my basement which still sees regular use. And in the pre-smartphone days Sony-Ericsson phones were quite good. Actually, the phone I use right now is a Sony Ericsson Xperia Pro. I bought an unlocked one on Amazon about a year ago because it's compact (3.5") Android phone with a physical keyboard and gets great battery life. Yeah it's outdated, but it's a great phone and I don't have to pay for a data plan this way. So in summary, YMMV.
RE: Sony sucks
1/18/2013 11:53:49 AM
RE the Walkman, it's this one:
I still have it around here somewhere...
"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA
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