A word of caution to big-money buyers from Post critic Steve Cuozzo: don't count on the $150 million Sony penthouse to appear anytime soon. Pulling from the less than ideal track record of project developer Joseph Chetrit, Cuozzo spreads uncertainty about Chetrit's ability as a developer, at least when it comes to being timely. For the last eight years, Chetrit's been working to renovate a row of six townhouses that he acquired from Lenox Hill Hospital into three "McMansions" on East 76th Street. "The job is peanuts" compared to the Sony building conversion, Cuozzo says, which will be "one of the most complicated offices-to-apartments conversions ever." The critic also points out Chetrit's waning ability to see projects through, noting that he "bailed" on large Manhattan developments at 1107 Broadway and the Chelsea Hotel. Cuozzo does give credit where credit is due, but not without casting some serious doubts.
· Don't expect to see $150M Sony Building condo any time soon [NYP]
· All 550 Madison Avenue coverage [Curbed]