After years of being bought and sold, with plans for condos (twice) and then a hotel, we finally thought the Met Life Clock Tower building (5 Madison Avenue) off of Madison Square Park finally had its purpose again when it was announced it would become a Marriott Edition Hotel. Well now we learn from Bloomberg News that Marriott will sell the building, likely to the Abu Dhabi Investment Authority, along with 2 other Edition Hotels, for $800 million. Word is that the deal will not finalize until construction is complete (2015), and if history is any indication, it may have a completely new owner and use by then. It has sort of become one of the ultimate flipping commercial properties in New York City.
Before it was to become an Edition Hotel, the building was owned by Africa Israel and was the subject of several proposed plans in the past, including very large (4,000+ square foot) ultra-high-end condos designed by Donatella Versace, and then revised to be condos about half the size with a new designer involved, and then a deal with a group including Tommy Hilfiger that intended to turn part of it into a hotel.
The Met Life Clock Tower was built in 1909 and was at one time the world’s tallest building.Marriott Edition Hotel no more – Met Life Clock Tower to be sold again,