One of New York’s most recognizable buildings has been sold by Africa Israel Investments subsidiary, AFI USA for $165 million.
Following the sale, the company announced its $86.3 million take from the transaction would come after payment of over $68 million worth of debt on the building, and fees associated with the deal.
Africa Israel Investments bought the building for $202 million, in 2007. Following global market crashes at the end of the same year, the company became tied up in significant debt.
Located on Park Avenue and 23rd Street in Manhattan, “the clock tower building” began its rise in 1893, built by Metropolitan Life Insurance Company, and was used by the company until 2005 as it’s headquarters.