Business

Mass. Movers

Steinway sells its NYC building for $46m

Craftsmen at Steinway’s factory in Queens.
Steinway via Associated Press
Craftsmen at Steinway’s factory in Queens.
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Steinway Musical Instruments Inc. is selling its 16-story Beaux Arts building near Carnegie Hall in New York City — home to its flagship retail showroom — to JDS Development Group for $46 million. The deal lets the Waltham company, known for pianos, occupy Steinway Hall rent free for 14 months. The building needs significant upgrades, but “investors understand we’re about pianos, not about managing commercial real estate,’’ spokeswoman Julie Theriault said. A new Steinway Hall in Manhattan is planned.