Steinway Musical Instruments Inc. (LVB:US), the maker of its namesake pianos, agreed to sell its building near Manhattan’s Carnegie Hall for $195 million.
The company anticipates proceeds of $56.3 million, of which $20 million will be held in escrow until Steinway vacates the space it occupies, according to a regulatory filing (LVB:US) signed by Chief Executive Officer Michael Sweeney. The filing didn’t include a buyer or say when or whether Steinway would leave the building.
Steinway Hall, at 109 W. 57th St., is the flagship store of the company’s Steinway & Sons unit, according to its website. It’s described as a Beaux Arts landmark, with a 19th-century Viennese crystal chandelier and ceiling decorated with allegorical scenes of lions, elephants, goddesses and nymphs, painted by artist Paul Arndt.
The transaction is expected to be completed before the end of the year, Waltham, Massachusetts-based Steinway said in the filing.
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