Steinway to Sell Landmark Hall

It’s being reported that Waltham-Mass. based Steinway Musical Instruments, Inc. has reached an agreement to sell its building near Manhattan’s Carnegie Hall at 109 W 57th Street for $195 million.

Steinway anticipates proceeds of $56.3 million, of which $20 million will be held in escrow until the company vacates the space it occupies, according to a regulatory filing (LVB) signed by CEO Michael Sweeney. The filing doesn’t specify a buyer or say precisely when or whether Steinway would leave the building. The transaction is expected to be completed before the end of the calendar year, however.

Steinway Hall has been the flagship store of the company’s Steinway & Sons unit, according to its website. The location is 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.