Hilfiger Buys MetLife Clock Tower for $170M

Tommy Hilfiger has purchased 5 Madison Avenue, also known as the Clock Tower building, for $170 million with designs to turn the property into a hotel according to a New York Times article. The clothing designer purchased the property from Africa Israel USA (AFI), the American branch of Africa Israel Investments, an international holdings and investments group. Hilfiger sold his company last year for $4 billion has reportedly been shopping for a places to open his new hotel for some time.

"It's certainly a landmark in a neighborhood that's become more hotel-friendly in recent years," John Fox, a hotel industry specialist at PKF Consulting, said. "On the other hand, I'm not sure what a Hilfiger brand hotel is. I assume it's something with a preppy look to the design."

The famous 42-story Clock Tower building, once home to the Metropolitan Life Insurance Company is a preeminent icon of the Manhattan skyline. The 700-foot building was built in 1909 and remained the tallest building in the world until the Woolworth building beat it out in 1913. Overlooking Madison Square Park, AFI previously had plans to convert the tower into super high-end condominium apartments. AFI sold the property for $30 million less than the developer bought it for in 2007.

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