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Crain's sources confirm the latest rumor that Tommy Hilfiger isn't buying the former MetLife clocktower at 5 Madison Avenue, attributing the deal's collapse to fundraising troubles. A JSR Capital exec disagrees, though: "Virtually everyone in the real estate business has looked at Clock Tower as a hotel, residential, and/or office?Some of those were even all-cash buyers. There are reasons not one of them has closed on the building, and it isn't about financing.” Which doesn't give us a lot of confidence in the building's future. Will someone please bring us our Versace condos, already?! [Crain's]

5 Madison Avenue

5 Madison Avenue, New York, NY 10010