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

New York /
May.May 27, 2015 04:05 PM

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


Related Articles

arrow_forward_ios
Richard and Isaac Chera with 9 Hanover Place (Getty, Google Maps)
Chera family sues Brooklyn private school over $24M in unpaid rent
Chera family sues Brooklyn private school over $24M in unpaid rent
Isaac and Richard Chera 
Chera family goes SPAC shopping
Chera family goes SPAC shopping
Rendering of Canada Square (Oxford)
Canadian developer bets big on comeback of cities
Canadian developer bets big on comeback of cities
Vornado CEO Steven Roth, Oxford Properties president Michael Turner and 650 Madison Avenue (Getty, Linkedin, VNO)
Here’s what tenants are paying at Vornado & Oxford’s 650 Madison
Here’s what tenants are paying at Vornado & Oxford’s 650 Madison
Jeff Blau and Hudson Yards (Getty, WIkipedia)
Hudson Yards’ EB-5 investors demand arbitration with Related
Hudson Yards’ EB-5 investors demand arbitration with Related
Gap at 170 Broadway and Gap CEO Sonia Syngal (Photo via Google Maps; Syngal by MANDEL NGAN/AFP via Getty Images)
Gap landlord defaults on $70M FiDi loan
Gap landlord defaults on $70M FiDi loan
Gap Senior Director of Real Estate Jennifer Rondholz, Morgan Stanley Prime Property Fund head Scott Brown and 170 Broadway (Linkedin, Google Maps)
Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
Lower Manhattan retail condo squeezed by lender as Gap refuses to pay rent
Neiman Marcus at Hudson Yards (Getty, iStock)
Related marketing Neiman’s Hudson Yards store as office
Related marketing Neiman’s Hudson Yards store as office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...