Fate of Steinway showroom unknown

Posted on: December 10, 2012

In Saturday’s (12/8) New York Times, James Barron writes, “It has long been the place where renowned pianists like Emanuel Ax, Alfred Brendel and Lang Lang would try out the nine-foot concert grands they would play up the block at Carnegie Hall or at Lincoln Center. And also pop stars like Harry Connick Jr., Billy Joel and Diana Krall. … Now the future of the Steinway & Sons showroom on West 57th Street, one of those spaces that give New York City a particular flavor, might be uncertain. The company has signed a tentative agreement to sell the 16-story, 87-year-old building. … Michael T. Sweeney, the chief executive of Steinway Musical Instruments, said in a conference call with financial analysts last month that the company was losing about $5 million a year on the building. … The $195 million deal contains a provision for Steinway to pack up the pianos and move out if the buyer—who has not been identified—or Steinway itself gave 12 months’ notice. … Steinway, which owns the building but not the land beneath it, said its share of the sale would total $56 million. But the company said $20 million would go into escrow for as long as it remained in the building.”

Posted December 10, 2012