Africa Israel sets two-year timetable for Clock Tower conversion

February 23, 2011 02:48PM

Africa Israel USA’s condominium conversion at the Clock Tower building near Madison Square Park is back on track — in modified form — and set to open within two years, the developer told Real Estate Weekly. The former MetLife building at 5 Madison Avenue, once envisioned as 55 luxury apartments designed by Donatella Versace, has been reconceived as a 99-unit project with smaller units of around 2,000 square feet each, said Peter Rosenberg, managing director of development for AFI USA. Versace is now out of the picture, and Mark Zef Design Interiors has been tapped to take her place. Sales will kick off in around 16 to 18 months, with prices at the “top of the realistic market,” though Africa Israel has yet to decide on a brokerage to handle the marketing efforts there, Rosenberg said. Among the amenities for buyers will be a pool, fitness center and lounge, and the developer is seeking a “destination” restaurant for the 5,500-square-foot ground-floor retail portion of the building. [REW]