A group of preservationists has filed a suit against developers Elad Properties and the Peebles Corporation, who purchased 346 Broadway from the city for $160 million, in an attempt to stop them from making the building's iconic clock, designated an interior landmark, inaccessible to the public. Under the developers' plan to convert the building to condos, the clock portion would be turned into a triplex penthouse, a move that the preservationists say is unprecedented and constitutes a slippery slope. "There is a larger public policy issue at stake," said Michael Hiller, the lawyer for the preservationists. "This constitutes the privatization of public assets. It's likely the first time ever that the city has allowed an interior landmark to be sold off for use as a private living space, to be completely fenced off from public view."