Chairman and CEO Michael Sweeney said in a statement that part of the company's decision to sell its stake in the building came from the significant investment needed to maintain the building's infrastructure and appearance.

WSJ: Steinway selling its stake in flagship NY building

"It saddens me to learn that these charges have been brought against me, " the statement read in part.

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Legal experts said the defense's statement may be part of a larger strategy to avoid the death penalty.

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