Africa-Israel negotiating over former NYT building and Clock Tower

October 26, 2010 02:45PM

of Africa-Israel; and the Clock Tower

Africa-Israel USA is negotiating with less than six management companies about running the hotel portion of the former New York Times building at 229 West 43rd Street and hopes to choose one next month, said Richard Marin, the company’s CEO. The company is also working to secure financing so it can redevelop the Clock Tower — formerly the Met Life headquarters — on Madison Square Park, into more down-scale condos, a different project than the more upscale model the company proposed in 2007, Crain’s reported. Before the recession hit in 2007, Africa-Israel was one of the most prodigious buyers of high-profile properties, purchasing the former New York Times Building, the Apthorp complex on the Upper West Side and the Clock Tower. But since the recession, the company has run into problems with its holdings. As part of its efforts to redesign its projects, Africa-Israel hired Peter Rosenberg as managing director of development. The Clock Tower will be among the projects he’ll supervise. [Crain’s]