Tommy Hilfiger will acquire the Clock Tower building at 5 Madison Avenue, The Wall Street Journal reports. The clothing designer will pay $170 million to the current owners of the building, Africa Israel USA. Hilfiger, who is planning to convert the property into a luxury hotel, may also convert a portion of the building into condos. SL Green Realty bought the property in 2005 but sold it in 2007 for $200 million to Africa Israel.
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