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Tommy Hilfiger in $170M Contract for 5 Madison

NEW YORK CITY- The fashion designer reportedly plans to turn the 41-story Metlife Clock Tower building into a high-end hotel.

By Jacqueline Hlavenka | Updated on May 06, 2011

NEW YORK CITY- One of America’s most well-known fashion designers will be bringing a little Uptown prep to Midtown South. According to data from Real Capital Analytics, Tommy Hilfiger signed a $170-million contract to buy the 41-story Metlife Clock Tower building at 5 Madison Ave., overlooking Madison Square Park. The Wall Street Journal reported on Friday that the designer reportedly wants to convert the building from office use to a luxury hotel.

According to RCA, SL Green Realty Corp. acquired the structure for redevelopment for $150 million in 2005, and then sold it to Africa Israel USA for $200 million in 2007. Africa Israel, the current seller, originally planned about 50 luxury condos at the site, the WSJ notes.

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