NEW YORK CITY-Africa Israel USA has signed an agreement to sell the Metropolitan Life Clock Tower Building at 5 Madison Ave. for $165 million. The building has long been the subject of rumors—both as to future uses and future buyers. Most recently, fashion designer Tommy Hilfiger was reported to be interested in buying the building and converting it into a luxury hotel. While that deal reportedly fell through, the current buyer has not been disclosed.

AFI USA CEO Tamir Kazaz said in a prepared statement that the agreement was “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.”

The 41-story, 267,000-square-foot landmark Clock Tower Building was acquired by AFI USA in 2007 for $200 million, or $749 per square foot. According to Laurie Golub, general counsel and managing director of business affairs at AFI USA, the buyer made a deposit of $5 million, of which $2 million is non-refundable.