Bloomberg News

Crown Acquisitions Buys Stake in NYC’s Olympic Tower Complex

May 14, 2012

Crown Acquisitions Inc. took a 49.9 percent stake in the Olympic Tower complex, a group of four adjacent buildings on Manhattan’s Fifth Avenue, including a skyscraper commissioned by the late Aristotle Onassis.

The buildings, across East 51st Street from St. Patrick’s Cathedral, are now owned by a partnership of New York-based Crown and Olympic Tower Associates, according to a statement by Colliers International, the brokerage that arranged the deal. The transaction values the complex at about $1 billion, said a person with knowledge of the terms, who asked not to be identified because the negotiations were private.

The complex consists of the 51-story Olympic Tower, the Cartier Building at 653 Fifth Ave., the Versace Building at 647 Fifth Ave., and 10 East 52nd St. The Olympic Tower at 645 Fifth Ave., commissioned by Onassis and built in 1974, was the first in New York to combine stores, commercial office space and condominium apartments in a single building, the brokerage said.

Crown, whose president is Stanley Chera, specializes in retail redevelopments, including the stores at Manhattan’s St. Regis Hotel and 666 Fifth Ave., which is diagonally across the intersection from the Olympic complex.

The deal was reported earlier today by the Wall Street Journal.

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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