Kasowitz Client Africa Israel to Sell Clock Tower for $165 Million
Kasowitz represents Africa Israel (USA) in the sale of the Clock Tower Building on Madison Square Park. On October 7, 2011 Africa Israel (USA) signed an agreement with an undisclosed buyer to sell the 267,000-square-foot, 41 story tower building, for $165 million. The property has been vacant since 2005 and Africa Israel purchased the property in 2007. “We are delighted to have reached an agreement with a very credit-worthy buyer to secure the future of this remarkable building and support the burgeoning vitality of the Madison Square Park neighborhood,” said Tamir Kazaz, CEO of Africa Israel USA in a statement. The buyer has already made a $5 million deposit, $2 million of which is non-refundable. The transaction is expected to close no later than January 16, 2012. Both in terms of the iconic nature of the building and the purchase price, this sale promises to be one of the more important New York City real estate transactions of 2011. Kasowitz attorneys Douglas Heitner and Ashley Lostritto are representing Africa Israel (USA).