Africa Israel USA has changed its residential conversion plans for the former "Clocktower" building of the Metropolitan Life Insurance Company complex at the southeast corner of Madison Avenue and 24th Street, according to an article by Roland Li in today's edition of Real Estate Weekly.

"At the height of the boom in 2007," the article said, "Africa Israel USA acquired the stately Madison Square Park Clock Tower from SL Green, Ian Schrager and Aby Rosen's RFR Holdings for $200 million. It planned to convert the former MetLife headquarters into 55 boutique condos, hiring Donatella Versace to design the apartments, which would have top of the market prices and sizes ranging from 4,000 to 5,000 s/f. But after the crash, Africa Israel reconsidered the plan, slicing units down to 2,000 s/f, and planning a total of 99 condo units."

"The marketing strategy,' the article continued, "has also shifted. Instead of focusing on foreign buyers, the developer envisioned the new building as one that would appeal to native New Yorkers who were looking to buy in comparable luxury buildings. With bountiful transit options and nearby retail that includes a new Eataly shop, Africa Israel is confident in the project's location, which overlooks the park.

Peter Rosenberg, Africa Israel USA's managing director of development, was quoted in the article as stating that the residential portion is expected to open in around two years, requiring some modifications to the original condo plan, adding that "sales are expected to begin in around 16 to 18 months, and Africa Israel has been in discussions with the major residential brokerages, but has not yet decided on one."

The article said that Versace is no longer involved with the project and that Mark Zef Design has been hired for the interiors.

Prices have not yet been determined, but the article said that Mr. Rosenberg described them as the "top of the realistic market."

The ground floor will have a 5,500-square-foot retail space, where Africa Israel seeks a high-end restaurant, which would likely open after the residential portion is complete, in order to avoid construction, the article said.

The article said that "amenities in the building include a 60-foot lap pool and fitness center. A second-floor lounge will be opened in the building's original executive spaces, complete with original interiors that date back to 1906. The spaces will include original stone, mahogany wood and finishes, a unique flourish to the ambitious project."

One of the world's greatest skyscrapers, it was the world's tallest building when it was erected in 1909. It retained that title for four years until the erection in 1913 of the Woolworth Building at 233 Broadway.

Designed by Pierre Le Brun of Napoleon Le Brun & Sons, it was modeled on the famous campanile in the Piazza San Marco in Venice, which is considerably shorter and has fewer windows.

In 2005, SL Green acquired the full block from MetLife for $918 million. The following year SL Green entered a joint venture with Ian Schrager and RFR Holding LLC, of which Aby Rosen and Michael Fuchs are partners to convert the 700-foot-high office tower at One Madison Avenue to about 100 residential condominiums.

The tower was originally clad in marble, which was replaced by limestone in 1964 in a renovation designed by Lloyd Morgan that stripped away much of the facade ornamentation. The tower, which is illuminated at night, has large clockfaces on each of its four sides.

While One Madison Avenue is the tallest and most prominent landmark on Madison Square Park, it is not the most famous. That honor is still held by the Flatiron Building on 23rd Street at the intersection of Fifth Avenue and Broadway.