From left: Stanley Chera, 490 Fulton Street and the interior of a student unit
Harrison Street Real Estate Capital, a Chicago-based real estate investment management firm, has bought dozens of Long Island University Brooklyn graduate apartments for $62.7 million, according to records filed with the city today. [more]
587 Fifth Avenue at center
A partnership including retail-savvy Crown Acquisitions claims in a new lawsuit that its attempt to buy control of a modest commercial building on a dynamic stretch of Fifth Avenue stalled after the owner backed out of the deal in January.
Midtown-based Crown, headed by Stanley Chera, and a company including investor Steven Feldman of One North Realty, are seeking to buy the ground lease that controls 587 Fifth Avenue, a 10-story office and retail building with 30 feet of mid-block frontage between 47th and 48th streets, according to a suit filed in New York State Supreme Court yesterday. [more]
Adam Spies and 1466 Broadway
Invesco has purchased the vast majority stake in the retail condominium at 1466 Broadway for $195.8 million, city records show. Crown Acquisitions and Highgate Holdings will continue to hold minority stakes of the Times Square property, with Crown continuing to operate a part of the retail space, The Real Deal has learned. As Crain’s reported last week, Walton Street Capital sold its majority stake to Invesco for upwards of $100 million. Crown Acquisitions was part of an investment group that purchased the property, and then sold the upper portion of the building to Highgate Holdings…. [more]
From left: Ralph Tawil, 120 Prince Street and and 103 Prince Street
The Chera family’s Crown Acquisitions has partnered with Centurion Realty and Imperium Capital to purchase a mixed-use building at 120 Prince Street for $20 million, Ralph Tawil, president of Centurion, told The Real Deal. The same three Midtown firms joined forces in November 2011 to pay $70.85 million for the Apple store building at 103 Prince Street, at Greene Street, in a deal that also included a property in Queens. [more]
From left: Haim Chera and 1466 Broadway
Walton Street Capital sold to Invesco its majority stake in the 50,000-square-foot retail condominium at 1466 Broadway in Times Square for upwards of $100 million, Crain’s reported. As a result of the deal, Invesco will now be among the three owners of the space, which is valued at $200 million. Crown Acquisitions and Highgate Holdings are the space’s other stakeholders. Adam Spies and Doug Harmon helped arrange the deal. [more]
Daniel Mawicke, President and CEO of Richemont, and the St. Regis Hotel
The deal for a prime retail condominium inside the St. Regis New York hotel has closed for a massive $380 million, according to public records — $5 million more than had been initially reported.
Swiss luxury-goods company Richemont North America, which deals in jewelry, premium watches and accessories, bought the 24,800-square-foot condo from a partnership led by Crown Acquisitions, Goldman Properties and the Feil Organization in a deal that closed October 11, records show. [more]
From the August issue: When Kushner Companies paid a record $1.8 billion for the aluminum-clad office building 666 Fifth Avenue in 2007, located between 52nd and 53rd streets, the market was still booming.
But less than two years later, Lehman Brothers had collapsed, and that 10-digit price tag seemed to be an outrageous reminder of a bygone era. Yet company CEO Jared Kushner continued to believe that the retail portion alone could be worth $1 billion. [more]
It’s become a cliche to say much of the deal making at the annual International Council of Shopping Centers’ retail bash RECon in Las Vegas takes place at the parties surrounding the convention, even if it’s true. To get a closer look, The Real Deal visited a handful of those gabfests. Click here to see the photos and more.
Stanley Chera (top), Aristotle Onassis and the Olympic Tower
The Cheras’ Crown Acquisitions has acquired a 49.9 percent stake in a four-building Fifth Avenue portfolio that includes the Olympic Tower, the Wall Street Journal reported, although it could not confirm the terms of the deal. The transaction is expected to have valued the 51-story Olympic Tower, at 641 Fifth Avenue near 51st Street, a building at 10 East 52nd Street and two mansions north of the tower at $1 billion.
Crown purchased the stake from an affiliate of the Alexander S. Onassis Public Benefit Foundation. The foundation was created in his son’s honor by Aristotle Onassis, whose Victory Development first erected the tower in 1975. [more]
Crown's Haim Chera and a rendering of the retail space at 530 Fifth Avenue
The new owners of 530 Fifth Avenue are looking to bring prime Fifth Avenue rental rates to the traditionally overlooked stretch of the avenue below 49th Street. According to the Wall Street Journal, the partnership of Jamestown Properties, Rockwood Capital, Crown Acquisition and Murray Hill Properties that bought the property from Joseph Moinian and the Chetrit Group last September for a total of $420 million has a plan to charge $1,500 per square foot for the nearly 50,000-square-foot retail space. [more]
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