Marriott acquires iconic NYC building for redevelopment

Globe St. reports Marriott International will buy the famed MetLife Clock Tower in Manhattan from Africa Israel USA for development under its Ian Schrager-partnership brand, Edition. Marriott acquired the 41-story, 267,000 square foot building for $165 million. Renovations to the building are set to begin in late 2012 while design work for the hotel is already underway, according to Marriott. “The property was bought in 2007, so in 2011 when we sold the building we looked at $165 million as a strong price for this asset and a continuing success for Africa Israel in maximizing its ability to get value for its assets in this time for the marketplace,” Laurie Golub, general counsel and managing director of business affairs at AFI USA, told Globe St. “It was a terrific deal for Africa Israel and we’re very pleased with the number we got—we got a very strong price for this asset. And it’s terrific for Marriott because it’s obviously an iconic building and a landmarked building that will be a perfect location for their Edition brand hotel.”

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