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Crown Acquires 49.9% Stake in Olympic Tower Complex

NEW YORK CITY-Harry Seherr-Thoss, executive managing director at Colliers International, tells GlobeSt.com that the brokerage helped bring Olympic Tower Associates together with the Chera family, a prominent retail owner/manager in the city. And though the price was undisclosed, the deal was rumored to go for around $1 billion.

By Jacqueline Hlavenka | Updated on May 14, 2012

NEW YORK CITY-A prominent New York retail family is making its way into Manhattan’s mixed-use realm, acquiring a stake in Olympic Tower, a four-building complex along Fifth Avenue. Crown Acquisitions, a national owner/developer of high-profile retail assets such as Herald Center and 666 Fifth Ave., has entered a joint venture partnership with Olympic Tower Associates in the multi-building asset, assuming a 49.9% equity interest in the property. 

The complex – located at East 51st Street across from St. Patrick’s Cathedral – is comprised of the 51-story Olympic Tower at 645 Fifth Ave., the Versace Building at 647 Fifth Ave., the Cartier Building at 653 Fifth Ave., and 10 East 52nd St. Built in 1974, Olympic Tower was commissioned by Aristole Onassis and his company, Victory Real Estate Development, and became the first New York skyscraper to include a combination of retail ships, commercial office space and owner-occupied apartments in the same building, according to Colliers International, the brokerage firm who facilitated the joint venture partnership between Crown and Olympic. The company also handles leasing efforts at the property.

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