NEW YORK CITY — Africa Israel USA has signed an agreement with an undisclosed buyer to sell the 267,000-square-foot Clock Tower Building, a 41-story tower located at 5 Madison Ave. in New York City, for $165 million.
Metropolitan Life Insurance originally constructed the tower, which has been vacant since 2005, and Africa Israel purchased the property in 2007.
“We are delighted to have reached an agreement with a very credit-worthy buyer to secure the future of this remarkable building and support the burgeoning vitality of the Madison Square Park neighborhood,” said Tamir Kazaz, CEO of AFI USA in a statement.
According to Laurie Golub, general counsel and managing director of business affairs for AFI USA, the buyer has already made a $5 million deposit, $2 million of which is non-refundable.
The transaction is expected to close no later than January 16, 2012.
— Savannah Duncan