Steinway Reaps $46M In NYC Office Building Sale To JDS

By Jake Simpson (March 26, 2013, 1:39 PM EDT) -- The iconic Steinway Musical Instruments Inc. has sold the New York office building that houses its flagship retail showroom to Michael Stern's JDS Development Group for $46 million, Steinway announced Tuesday.

The deal will allow Steinway to keep its retail showroom at the 16-story boutique office building in Manhattan until summer 2014 without paying rent. The property is at W. 57th St. in Manhattan's midtown market and has 247,000 square feet of gross leasable space, Steinway said.

Steinway Chairman and CEO Michael Sweeney said in a statement that the firm will look for a new site in Manhattan for Steinway Hall,...

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