The Real Deal New York

Crown Acquisitions is a major owner and developer of retail properties in New York City, focusing on large redevelopment projects where it helps to add value before the company and its partners sell the assets.

Its major projects in the city have included the acquisition and repositioning of the retail condo at 666 Fifth Avenue, the re-tenanting of Herald Center, the acquisition and repositioning of the retail condo at 717 Fifth Avenue and the acquisition and re-tenanting of 600 Broadway in Soho.

In spring 2013, Crown partnered with Vornado Realty, Oxford Properties and Highgate Holdings to buy the 600,000-square-foot Class A office tower at 650 Madison Avenue for $1.3 billion, the most ever paid to that point on a per-square-foot basis for a U.S. office building. Crown also controls 103 Prince Street, site of the downtown Manhattan Apple store.

The firm has its roots in 1940s retail under Isaac Chera, but it really began to expand in the 1980s under Stanley Chera, Isaac's son. Crown is headquartered at the GM Building in Midtown. Today, the firm is led by Stanley's sons Haim, Ike and Richard Chera.