Fashion retailer Tommy Hilfiger is set to buy the Clock Tower Building at 5 Madison Avenue for $170 million, according to the WSJ.

The Journal reports that the building was bought from Africa Israel USA, which had planned to convert the building into luxury condos prior to selling it. Bought over by Phillips Van Heusen last year, the retail giant Tommy Hilfiger is said to have been planning to expand into the hotel business. The Clock Tower may just be the building to become the company’s first hotel.

Just last week, Africa Israel, the overseas branch of the international holdings and investments group Africa Israel Investments, sold the top 11 floors of the old New York Times building to private equity firm Balckstone Group for $160 million.

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