Sony selling NY headquarters(HQ) for $1.1 billion

Posted on Jan 18 2013 - 6:43am by Huzoor Bux


Despite losing a little less each quarter since Kazuo Hirai took over as CEO, Sony still have to be looking for ways to shirnk the fat. Its latest step? Sell the house (HQ). Sony has said that it has agreed to sell its New York headquarters building to a syndicate led by The Chetrit Group. After agreeing its debts on the HQ, the $1.1 billion sale will set Sony about $685 million in operating income, potentially giving it the extra cashflow it needs to avoid a negative Q3 earnings report. According to sources, Sony may be taking a similar step in Tokyo, which could score Sony another $1.14 billion to stable its expenses.