Tommy Hilfiger buys Clock Tower

May 05, 2011 01:38PM

Clothing designer Tommy Hilfiger is to buy the Clock Tower building at 5 Madison Avenue between 23rd and 24th streets, for $170 million, according to the Wall Street Journal, though current owners Africa Israel USA, the stateside branch of Africa Israel Investments, an international holdings and investments group, did not disclose the buyer in securities documents filed Thursday in Israel.

Africa Israel had previously intended to turn the building into condos, said the Journal.

Hilfiger’S clothing line, bought over by clothing powerhouse Phillips Van Heusen, which also owns Clavin Klein and DKNY, has been planning to move into the hotel business. This purchase could be viewed as a step towards that goal.

Africa Israel also sold the top 11 floors of the old New York Times building at 229 West 43rd Street to the Blackstone Group, an investment and advisory firm, for $160 million last week. [WSJ]