As recently as last month, the planned condo conversion of the Sony Building at 550 Madison Avenue was moving forward: sales were expected to launch sometime in the spring, and a sales office for the apartments, to be designed by Robert A.M. Stern, was in the works. But now, it looks like that plan is officially DOA: The Real Deal reports that Chetrit Group, which purchased the building back in 2013, has officially canceled the condo plan and is now in the process of selling the building to Olayan America for somewhere in the ballpark of $1.3 to $1.4 billion dollars.
According to TRD, the deal could close as soon as early May, suggesting that it's been in the works for some time now. The building was due to be home to 113 condos, as well as a luxury hotel called New York Masterpiece that would have been operated by Oetker Collection. Construction on the project had also apparently already begun, according to TRD.
The postmodern building is one of Philip Johnson's most iconic New York structures; no word yet on what will happen to the structure now that the condo plan has been scrapped.
A rep for the project had no comment at this time; we'll update with any further information that comes through.