I have been faced with a similar problem with SDK 24.0.2, and ADT 23.0, on windows 7 and Eclipse Luna (4.4.0). The android SDK Manager comes with default Proxy IP of 127.0.0.1 (localhost) and port 8081. So as you try to run the SDK Managers as advised by earlier solutions, it will try to connect through the default proxy settings, which keep on failing(...at least on my system). Therefore, if you do not need proxy settings, simply clear default proxy settings (i.e. remove proxy server IP and Port, leaving the fields empty). Otherwise set them as necessary. To access these settings in eclipse, go Window-> Android SDK Manager->Tools->Options.
Hope this helps someone.