NY’s Clock Tower Building to sell for $165 mln
* Landmark skyscraper was built in 1889Oct 14 (Reuters) - Africa Israel USA, which went on a
buying spree during the height of the U.S. commercial real
estate boom, said it had agreed to sell the Clock Tower
Building in Manhattan for $165 million, after paying $200
million in 2007.The Israeli-based holding and investment group declined to
identify the buyer.Multiple investors have tried to redesign or convert the
41-story landmark building but failed to complete the project.New York real estate investment trust SL Green Realty Corp bought the building in 2005 from MetLife Inc .
It later partnered with RFR Holdings and hotelier Ian Schrager,
with the possibility of converting the building into luxury
condominiums.When that did not materialize, the building was sold to
Africa Israel USA, a unit of Africa Israel Investments , in 2007.Recently a possible deal for a sale to designer Tommy
Hilfiger and real estate investment company JSR Capital fell
apart, Crain’s reported last month.Completed in 1889, the Clock Tower was one of Manhattan’s
earliest skyscrapers. It was originally constructed and
occupied by the New York Life Insurance Company, according to
the 2005 book “The Landmarks of New York” by Barbaralee
Diamonstein-Spielvogel.The deal is expected to close in December.Last spring, Africa Israel sold the top floors of the
former headquarters of the New York Times to Blackstone Group
LP for $160 million. The company bought the entire
building in 2007 for $525 million.
