AFI USA Madison Avenue Asset To Fetch $165M

Africa Israel USA(AFI USA) is selling theMetropolitan Life Clock Tower Buildingat Madison Avenue for $165 million,GlobeStreports. The building may be built into condos or a luxury hotel.

Most recently, fashion designerTommy Hilfigerwas said to be eying the building for converting it into a luxury hotel. The building was originally purchased by AFI USA for $200 million, with a deposit of $5 million, of which $2 million is non-refundable.Doug HeitnerandAshley LostrittoofKasowitz Benson Torres & Friedmanrepresented AFI USA on the sale.

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