Sony sells NYC headquarter to make some cash…

Image courtesy: Engadget.
As you know Sony CEO Kazuo Hirai is trying to restructure the company by focusing on profitable businesses. Engadget now reports that “Sony has announced that it has agreed to sell its New York headquarters building to a consortium led by The Chetrit Group. After settling its debts on the building, the $1.1 billion sale will net Sony about $685 million in operating income, potentially giving it the extra cashflow it needs to avoid a negative Q3 earnings report.”
I repeat it again, all that doens’t affect Sony’s commitment on digital cameras. Actually quite the opposite is happening. Sony elevated the Imaging Business on the top priority list and a lot of development is ongoing. Goals are pretty high and I expect some major breakthrough tech to come in 2014 (as I have written in my previous post).





skiemupmi
5 months ago |Canon ok , Nikon ok , Pentax lol nothing up with their gear but as a company they have been sold from pillar to post and scrape by with a small share of the market
hiduljjoj
5 months ago |Sony imaging sales numbers were down 17% in the latest available data with a scrape by pre tax profit of 2%
hiduljjoj
5 months ago |it is not sales or turnover that matters but profits and that is the problem for us
hiduljjoj
5 months ago |@Frank
I am no fan of Canon or Nikon but considering how relatively poor their offerings in mirror less are ( at least the Nikon has genuine fast focus I have used a Bud,s.) they have actually made a decent chunk of the market share considering they are little more than place holders . In fact Nikon see s to be the only camera maker in profit . DSLRs make up so much of their turn over that mirror less is just a side issue at the moment. I expect they will have proper system iILC,s out soon and then it will be game on
MdB
5 months ago |No, most ppl is most parts of the world us ps cameras, ps mega zoom cameras, pas video cameras, and dslrs. Sony can be number 1 in mirrorless cameras sold, but what good is it if the market share is a teeny tiny one? Hey, you can be the most handsome one in a room of 5 people but that doesnt mean a whole lot.
GunnarK
5 months ago |Since the NEX-system already is the number one sold worldwide, having double the world market shares than the number two mirrorless system seller has, how dead will you say all these other mirrorless systems are???
After all, in most parts of the world the mirrorless systems shows greater sale increases than the DSLR/SLT cameras does.
.
Horse Radish
5 months ago |If someone is a Sony fanboy than he isnt a troll but if someone dislikes sonys cameras and their obvious short cmings then theyre a troll?
jake
5 months ago |noone is trolling.
jake
5 months ago |Hope Samsung buys Sony or Sony will go bankrupt.
NEX is a dead mount already, glad sold all lousy E lenses.
jake
5 months ago |yeah Stringer was retarded.
jake
5 months ago |ha ha, Sony goes bankrupt soon as I predict it.
Sony is always silly, never able to take care of itself and asks us to wipe its dirty ass.
I am glad I did sell a A99v and A900 last year, the A mount is indeed dying.
Wayne Summers
5 months ago |Who let the trolls out???
Konan
5 months ago |Well, sony could be a contender but they say to be the champ you gotta beat the champé sony wants to be the champ without ever stepping into the ring to fight canon or nikon. How can a champ be a champ if they dont fight a champ?
Sony has no guts, so it will recieve no glory. How can a company that cant even decide to make one type of mode dial on their nex camera or even wether to make dslrs or dslt’s become even a contender let alone champ? Its like someone who wants to become the next american idol but doesnt have the guts to go up on stage.
Konan
5 months ago |And he will, and you know what’s going to happen? You’ll be the next orphan But hey, don;t think I’m tryin gto stop you from buyin gsony, go ahead, spend some more money on sony…see where it gets you in a few years. Maybe when you are the last sony dslt camera customer they can name their newest camera after you… the sony Frankie 9. LOL
Camera Vendor
5 months ago |Photo nut, you must not be one of the regulars here, because you speak the truth and you have a thing called common sense.
Konan
5 months ago |All models sell well. But not well enough to make any impact.
Konan
5 months ago |Yeah, I second that. But to Sony i would say RIP. I would say YDT to Sony. rved IT.
John Maverick
5 months ago |On the contrary they are incredibly focused and have opened up entirely new market categories. All their models sell well except for one.
butch
5 months ago |im not worried my glass is still good glass and since the trend is short flange distance mirrorless i ll jsut swap to a new body if sony fails
till thta time tho im in for alpha mount stuff. way i think tho is if i get one more alpha body im good for at least the next 5-7 years
kevin
5 months ago |I don’t really any Dslr ad on T.V.
kevin
5 months ago |Good move Sony real estate is very high in New York now, ask Trump he said so.
Rooru S.
5 months ago |Indeed, the problem was poor advertising campaign and poor leadership with the Imaging Division. People that get into Sony alpha SLT (or back then, SLRs) maybeee fall in one of these categories.
1. People that had many Minolta gear at the moment.
2. People using Cybershot cameras (they were the best at the initial moment of digital consumer photography)
3. People that used Sony videocameras or other products (but mainly videocameras)
4. People that really know what they’re into.
I can put myself in reason number two but with some insight from reason number 3 (my parents work at a TV station as engineers using expensive Sony Broadcasting cameras, they really like them, even while they had to make small adjustments or repairs). But I know that Sony have the power to add another reason why people buy Sony gear. They just don’t have the real money to do so right know, so it seems it almost depends on us, Sony camera users (sad story since sometimes I do recommend Nikon/Canon/Pentax instead of Sony).
WTH
5 months ago |R.I.P SONY
MAKE.BELIEVE
Camera Vendor
5 months ago |NOWAY! The sony fansters dont think so! They must be right. After all, Sonys accodring to them is the best, right? Sony according tot hem is kicking canikons ass and their strategy is right. sony and their fans are always right. I mean, why use a eos 1dx or nikon d4 when you can use the a99! SO TRUE!
Camera Vendor
5 months ago |In the face of losing money, you still think sonys doing ok. the ships sinking man, dont let the water around your feet fool ya.
SonysdaBest
5 months ago |NOWAY! I thought that accodring to all the fanboy stuff I see here from soem of the fanboys that Sony and m43 is seting the world a-blaze! I thought Sony was kicking Canons ass due to the Canons inferiror eosm?! WHAT Happeneded???? There’s no way Sony could be losing money, NO WAY! They’re the BEST, better than Canon and Nikon according to what I read here!
John Maverick
5 months ago |You could argue that selling lower cost Axxx models to a wider audience helped to prevent the mount from being orphaned.
doug
5 months ago |Sony’s imaging products division had USD $2.3 billion in sales for their FY 2012 Q2, which was reported last November. At that rate, the division will do over USD $9 billion for all of FY 2012. They sold their NYC headquarters for USD $1.1 billion.
So it would appear that they are NOT in the wrong business. Sorry to disappoint you.
Sergei
5 months ago |I wish sony well. It looks like they found the right person to guide them.
Calxn
5 months ago |I hope this portends real changes at Sony. They are too unfocused. Too many products, too many models. Apple does pretty well selling a few focused products. Sony needs to emulate. They need to cut down on the number of models and shutdown product lines with no future… *cough* Alpha mount *cough*.
Frank
5 months ago |If I felt suckered I wouldn’t have gone from the A200 to the A700 and now the A77. They were/are all excellent cameras and I have excellent glass too. I really have no idea what you are on about.
Feel free to purchase another brand.
Frank
5 months ago |Except of course it isn’t Sony imaging that’s the problem with Sony…
Frank
5 months ago |You could argue the same of Canon and Nikon in the ILC mirrorless market.
mando
5 months ago |Well,this made their stock price go up today
SNE
Joe
5 months ago |And you’re a major fail in troll.
doug
5 months ago |Sony’s previous CEO made some very bad business decisions and they’ve clearly been hurting. Selling their NYC headquarters won’t bring in nearly enough cash to turn around their fortunes by itself, but as part of an overall plan to get Sony’s house in order by concentrating on what they’re good at makes a lot of sense.
Twaddler Belafonte
5 months ago |They’ll likely lease it back. These kind of short-term fast cash moves seem rather suspect.
Godsakes
5 months ago |You’re not wrong but it’s a positive spin on things…
The cynic in me tends to view it that they’re selling off the proverbial family silver to deal with hard times.
Mike
5 months ago |Obviously, Sony can make much more money by selling real estate than by selling cameras. Maybe their are in the wrong business?
apollo
5 months ago |sony is an epic fail in photography
doug
5 months ago |Sony is selling the building, but they will be leasing office space in the building from the new owners. This is a common corporate practice and it has to do with Sony focusing on its core businesses, which don’t include commercial real estate management.
TorstenG
5 months ago |They still there for the next three years!
Sony bought the office building in 2002 for $230 million and sold it now for $1.1 billion, nice! I only hope that they will realize profit by doing there business without selling there buildings.
Beachrider
5 months ago |Is this the 56th and Madison place in NYC?
Hubertus Bigend
5 months ago |When they sell their big office buildings in Tokyo and New York, where do the offices and staff go? Set up their desks on the streets? Telecommute? Or will sony have to rent space? Some might get laid off, but I guess not all of them are dispensable?
steve
5 months ago |I saw a Reuter’s news service story last week about Sony putting one of its Tokyo office buildings up for sale. It was reported that the sale of the 25 story building in downtown Tokyo will be one of the biggest property deals in years.
Its still now the best time to sell, but I guess Sony needs to generate cash!
Frank
5 months ago |It’s encouraging to see Sony doing this sort of thing, it needs to slim down and concentrate on it’s core profit centres. Kazuo Hirai is doing some good stuff.
Carl
5 months ago |yep. I NY it’s a post-moder ugly building at Madison and 55th… It seems that Sony’s financial trouble is not a small thing.
Tour de Apert
5 months ago |I think the photo is showing the Sony Center in Berlin