The Real Deal New York

Crown and Oxford pay $652M for rest of Olympic Tower base

Partners now own the entire office-and-retail portion of the 52-story tower
May 27, 2015 04:05PM

The Chera family’s Crown Acquisitions and Oxford Properties Group now own the entire office and retail base of the Olympic Tower, after paying $652 million for the remaining 50 percent that was owned by Onassis Foundation-related entities.

The mixed-use building sits at 641 Fifth Avenue and occupies the entire block between East 51st and 52nd streets. The upper portion is comprised of condos.

The partners paid $418.9 million for 49.87 percent in 2012, and has now purchased the other 50.13 percent for $651.6 million, the New York Post reported.

All of the 400,000 square feet of office space in the tower is leased to the National Basketball Association, luxury goods company Richemont, and Michael Dell’s MSD Capital. The 105,000 square feet of retail is occupied by Cartier, Armani/AX, H. Stern, Versace, and Jimmy Choo.

Aristotle Onassis, the late shipping magnate, originally developed the building. [NYP] — Tess Hofmann