Sony Will Sell NYC Headquarters for $1.1 Billion

(Photo credit: PR Newswire)

Once the largest electronics powerhouse, Sony has announced the sale of its U.S. headquarters in New York City for $1.1 billion. The building houses Sony Corporation of America, Sony Music, Sony Pictures Entertainment, and other Sony businesses. The building will be sold to a group of investors led by the Chetrit Group.

For the past four years, Sony has suffered massive losses due to low demands for television sets and rising competition with Samsung and LG. The successor to the Playstation 3 has yet to be announced, and has been rumored to release this spring or summer.

Back in April of last year, Sony announced a $1 billion plan for restructuring and letting go of 10,000 jobs due to a record loss of $6.4 billion. Sadly, Ace Securities Co. Analyst Hideki Yasuda told Bloomberg, “The biggest goal for Sony this fiscal year isn’t growth, but to be in the black.”

The company plans to keep its businesses in the building for up to three years after the sale is complete in March.