SL Green sells ‘Clock Tower’ for $200M

SL Green, RFR Holding and Ian Schrager sold the 41-story Five Madison Avenue to Africa-Israel Investments for $200 million. SL Green purchased the property, known as the “Clock Tower,” in 2005 as part of its $918 million buy of One Madison Avenue. Africa-Israel purchased the northern, 267,000-square-foot component of the structure–which has been dubbed Five Madison Avenue. SL Green still owns the southern, 1.2-million-square-foot section of the office property overlooking Madison Square Park between 23rd and 24th streets. TRD

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