Luxury goods company Tommy Hilfiger's USA subsidiary is to sell off its building on West 39th Street in New York as part of its consolidation of operations.

The building will be sold for about $53 million and is expected to result in a pre-tax gain of about $20 million. The transaction is expected to be completed toward the end of November.

Hilfiger is consolidating its New York City operations into a single headquarters location in the Starrett-Lehigh Building.

The Company now plans to relocate its showrooms at West 39th Street to increase efficiencies.