android sdk location should not contain whitespace way to fix it:

1. Open up CMD (as Administrator)
2. Type: mklink /J C:\Program-Files "C:\Program Files" (Or in my case mklink /J C:\Program-Files-(x86) "C:\Program Files (x86)")
   Hit enter
3. Magic happens! (Check your C drive)
4. Now you can point to C:\Program-Files (C:\Program-Files-(x86)).