[SOLVED] Cause: failed to find target with hash string 'N'

I was trying to do Gradle build using latest android 'N' preview version but it is giving me the following error

Error:Cause: failed to find target with hash string 'N'

in my location SDK path. I have installed all updated tools and libraries from SDK manager but it is not working. I'm using java 1.8 and Android Studio 2.1 Preview 1

2016-03-14 16:35:38,543 [20553273]   WARN - nal.AbstractExternalSystemTask - Cause: failed to find target with hash string 'N' in: /home/ubuntu/Android/Sdk com.intellij.openapi.externalSystem.model.ExternalSystemException: Cause: failed to find target with hash string 'N' in: /home/ubuntu/Android/Sdk at org.jetbrains.plugins.gradle.service.project.AbstractProjectImportErrorHandler.createUserFriendlyError(AbstractProjectImportErrorHandler.java:106)
at org.jetbrains.plugins.gradle.service.project.BaseProjectImportErrorHandler.getUserFriendlyError(BaseProjectImportErrorHandler.java:158)
at org.jetbrains.plugins.gradle.service.project.BaseGradleProjectResolverExtension.getUserFriendlyError(BaseGradleProjectResolverExtension.java:457)
at org.jetbrains.plugins.gradle.service.project.AbstractProjectResolverExtension.getUserFriendlyError(AbstractProjectResolverExtension.java:158)
at com.android.tools.idea.gradle.project.AndroidGradleProjectResolver.getUserFriendlyError(AndroidGradleProjectResolver.java:350)
at org.jetbrains.plugins.gradle.service.project.GradleProjectResolver$ProjectConnectionDataNodeFunction.fun(GradleProjectResolver.java:373)
at org.jetbrains.plugins.gradle.service.project.GradleProjectResolver$ProjectConnectionDataNodeFunction.fun(GradleProjectResolver.java:339)
at org.jetbrains.plugins.gradle.service.project.GradleExecutionHelper.execute(GradleExecutionHelper.java:230)
at org.jetbrains.plugins.gradle.service.project.GradleProjectResolver.resolveProjectInfo(GradleProjectResolver.java:97)
at org.jetbrains.plugins.gradle.service.project.GradleProjectResolver.resolveProjectInfo(GradleProjectResolver.java:65)
at com.intellij.openapi.externalSystem.service.remote.RemoteExternalSystemProjectResolverImpl$1.produce(RemoteExternalSystemProjectResolverImpl.java:41)
at com.intellij.openapi.externalSystem.service.remote.RemoteExternalSystemProjectResolverImpl$1.produce(RemoteExternalSystemProjectResolverImpl.java:37)
at com.intellij.openapi.externalSystem.service.remote.AbstractRemoteExternalSystemService.execute(AbstractRemoteExternalSystemService.java:59)
at com.intellij.openapi.externalSystem.service.remote.RemoteExternalSystemProjectResolverImpl.resolveProjectInfo(RemoteExternalSystemProjectResolverImpl.java:37)
at com.intellij.openapi.externalSystem.service.remote.wrapper.ExternalSystemProjectResolverWrapper.resolveProjectInfo(ExternalSystemProjectResolverWrapper.java:49)
at com.intellij.openapi.externalSystem.service.internal.ExternalSystemResolveProjectTask.doExecute(ExternalSystemResolveProjectTask.java:51)
at com.intellij.openapi.externalSystem.service.internal.AbstractExternalSystemTask.execute(AbstractExternalSystemTask.java:138)
at com.intellij.openapi.externalSystem.service.internal.AbstractExternalSystemTask.execute(AbstractExternalSystemTask.java:124)
at com.intellij.openapi.externalSystem.util.ExternalSystemUtil$3.execute(ExternalSystemUtil.java:419)
at com.intellij.openapi.externalSystem.util.ExternalSystemUtil$4$2.run(ExternalSystemUtil.java:500)
at com.intellij.openapi.progress.impl.CoreProgressManager$TaskRunnable.run(CoreProgressManager.java:563)
at com.intellij.openapi.progress.impl.CoreProgressManager$2.run(CoreProgressManager.java:142)
at com.intellij.openapi.progress.impl.CoreProgressManager.registerIndicatorAndRun(CoreProgressManager.java:446)
at com.intellij.openapi.progress.impl.CoreProgressManager.executeProcessUnderProgress(CoreProgressManager.java:392)
at com.intellij.openapi.progress.impl.ProgressManagerImpl.executeProcessUnderProgress(ProgressManagerImpl.java:54)
at com.intellij.openapi.progress.impl.CoreProgressManager.runProcess(CoreProgressManager.java:127)
at com.intellij.openapi.progress.impl.ProgressManagerImpl$1.run(ProgressManagerImpl.java:126)
at com.intellij.openapi.application.impl.ApplicationImpl$8.run(ApplicationImpl.java:366)
at java.util.concurrent.Executors$RunnableAdapter.call(Executors.java:511)
at java.util.concurrent.FutureTask.run(FutureTask.java:266)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1142)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:617)
at java.lang.Thread.run(Thread.java:745)
at org.jetbrains.ide.PooledThreadExecutor$1$1.run(PooledThreadExecutor.java:55)2016-03-14 16:35:38,545 [20553275]   WARN - radle.project.ProjectSetUpTask -  2016-03-14 16:35:38,545 [20553275]   INFO - radle.project.ProjectSetUpTask - Cause: failed to find target with hash string 'N' in: /home/ubuntu/Android/Sdk

build.gradle

// Top-level build file where you can add configuration options common to all sub-projects/modules.
buildscript {
repositories {
    jcenter()
}
dependencies {
    classpath 'com.android.tools.build:gradle:2.1.0-alpha1'

    // NOTE: Do not place your application dependencies here; they belong
    // in the individual module build.gradle files
}
}
allprojects {
repositories {
    jcenter()
}
}
task clean(type: Delete) {
delete rootProject.buildDir
}

app/build.gradle

apply plugin: 'com.android.application'
android {
compileSdkVersion 'N'
buildToolsVersion "24.0.0 rc1"
defaultConfig {
    applicationId "com.example.appwithn"
    minSdkVersion 10
    targetSdkVersion 'N'
    versionCode 1
    versionName "1.0"
}
buildTypes {
    release {
        minifyEnabled false
        proguardFiles getDefaultProguardFile('proguard-android.txt'), 'proguard-rules.pro'
    }
}
productFlavors {
}
}
dependencies {
compile fileTree(include: ['*.jar'], dir: 'libs')
testCompile 'junit:junit:4.12'
compile 'com.android.support:appcompat-v7:24.0.0-alpha1'
}