Sony is selling its American headquarters for $1.1 billion

[Administrator]

Sony Corporation of America is selling its 37-story headquarters in New York City for the princely sum of $1.1 billion, the company announced.
The Madison Avenue building will be sold to real estate consortium The Chetrit Group, and the sale is expected to close in March.
While $1.1 billion may sound enormous, it will really only net the company somewhere in the neighborhood of $770 million once transaction costs and debts associated with the building are settled up. Sony expects $685 million of that to be recorded as operating income, which is still a lot.
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