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TOKYO -- Sony Corp. said Friday it will sell its office building in New York for around $1.1 billion as part of efforts to improve its financial standing.

Sony Corp. of America, the Japanese electronics maker's wholly owned subsidiary, will sell its headquarters building, located on Manhattan's Madison Avenue, to a U.S. consortium led by the Chetrit Group. The U.S. unit is expected to receive around $770 million in cash after deducting costs of the deal, set for completion by the end of March, Sony said.

Of the total amount, Sony plans to allocate around $685 million as an operating profit in the current business year through March. The company is currently reviewing its full-year earnings projection, it said.

Sony Corp. of American will continue to use the building as its U.S. head office on a leasing basis.

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