A landmark skyscraper in the New York City skyline has been sold, following years of frustrated development plans and a recent highly publicized purchase announcement that fell through.
According to combined media sources, Africa Israel USA is selling the Clock Tower Building to an undisclosed buyer for $165 million. Africa Israel purchased the 41-story, 267,000 square-foot building in 2007 for $200 million. At the time, the building had been vacant for two years, and Africa Israel was planning to convert it into a condominium high-rise.
However, the development was repeatedly stalled and was later scrapped. In May, the company announced that designer Tommy Hilfiger agreed to buy the property and convert it into a hotel – but Hilfiger announced his withdrawal from that agreement in September.
Built in 1909 as the headquarters for Metropolitan Life Insurance, the building was the world's tallest until New York City's Woolworth Building surpassed it in 1913. The building was added to the National Register of Historic Places in 1972 and was designated a National Historic Landmark in 1978. Metropolitan Life Insurance moved out of the building in 2005.
(Photo courtesy of Blumberg Capital Partners)
