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Developer Update-o-Rama

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The Times attempts to lift the veil surrounding developer Joseph Chetrit, on the occasion of his purchasing Madison Avenue's Sony Building for $1.1 billion. (The deal closes tomorrow.) The secretive Chetrit plans to turn the tower into luxury condos with a hotel and retail, but the result won't be open until 2019, once Sony has left the building and the renovation's been finished. The fact that Sony partnered with investor David Bistricer?once banned from converting NYC rental buildings?on the deal does not fill us with confidence. [NYT; previously]