Africa Israel sells Clock Tower for $165M

Completion of sale to cut AFI USA’s liabilities by $68.5 million, provide company with $86.3 million cash flow
Shay Salinas, Calcalist

Africa Israel Investments subsidiary AFI USA announced Sunday it had completed the sale of its rights over the Clock Tower buildingin New York for $165 million.

 

 

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The company advised the stock exchange that, once concluded, the deal would reduce AFI USA’s current liabilities by $68.5 million and provide the company with an $86.3 million cash flow.

 

Last October the Wall Street Journal reported that Marriott International was to buy the famous building from AFI after renowned fashion designed Tommy Hilfiger, who was set to buy the property for $170 million, backed down.

 

 

The Clock Tower was built 102 years ago by MetLife and nowadays is used as an office building. Up to 1913, the building was the world’s tallest.

 

 

AFI purchased the building in 2007 for $200 million.