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Madison Avenue Clock Tower Sells for $165 Million

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It's a big day for New York City's stock of clocktowers, but this time we're talking about the other Clock Tower, aka the old MetLife building at 5 Madison Avenue. The news that Tommy Hilfiger planned to buy the building for $170M had us reeling a few months back, but the deal fell through (because of financing, perhaps). Building owner Africa Israel USA started shopping for a new buyer, and?success! The company will sell the property to an unnamed but "very credit-worthy" buyer for $165 million, according to The Real Deal. Since $2 million of the buyer's $5 million deposit is non-refundable, maybe something will actually happen there this time. $165 million is a Versace kind of sum, isn't it? We can only hope.
· Africa Israel sells Clock Tower for $165M [Real Deal]
· Clock Tower coverage [Curbed]

5 Madison Avenue

5 Madison Avenue, New York, NY 10010