Nothing like more news about Madison Avenue and an unveiled mystery buyer to get our real estate blood pumping. The Wall Street Journal broke the news that the unnamed but "very credit-worthy" purchaser of Flatiron's famed clock tower is none other than hotel giant Marriott International. Diamond-developer Africa Israel USA has had the old MetLife building at 5 Madison Avenue on the block in recent months, getting close, but no cigar, to a $170 million deal with Tommy Hilfiger.
Insiders say Marriott will develop an Edition brand hotel in the space, an "upscale boutique hotel concept" in partnership with Ian Schrager meant to compete with the Ws of the world. Funny enough, Schrager was once part owner of the property with Aby Rosen—the pair floated plans for a boutique hotel in the space circa 2007. Full circle, folks!
· Saving the Clock Tower [WSJ]
· Marriott to buy clock tower at 5 Madison [Real Estate Weekly]
· Madison Avenue Clock Tower Sells for $165 Million [Curbed]