News
MULTIFAMILY MONDAY: You Can Buy Time
October 17, 2011
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| Time flies, especially when it's a $165M buy. Africa Israel USA has inked an agreement to sell the Clock Tower Building at Five Madison Avenue to an undisclosed buyer, and it's expected to close around Dec. 15 (or upon extension of the agreement and another cool million, Jan. 16... that's what happens when you own the clock). AFI USA snapped up the 41-story, 267k SF landmark building fromSL Green, RFR Holding, and Ian Schrager for $200M in ‘07, and it's been vacant since '05. It was originally constructed for and occupied by MetLife and is one of Manhattan's earliest skyscrapers. When we sat down with AFI USA last November, it had been planning a$300/SF residential condo conversion of the building to take advantage of the burgeoning NoMad market |
