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    Crown Acquisitions

    767 Fifth Avenue
    New York, NY
    (212) 563-6400
    Website
    [email protected]

    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.

    Crown Acquisitions, Principal
    767 Fifth Avenue, New York City, NY, (212) 563-6400
    Haim Chera is a principal in Crown Acquisitions and one of three sons...
    Crown Acquisitions, Prinicipal
    767 Fifth Avenue, New York City, NY, (212) 563-6400
    Richard Chera is a principal in Crown Acquisitions and one of three sons...
    Crown Acquisitions, COO
    767 5th Avenue, New York City, NY, (212) 563-6400
    Brittany Bragg is the chief operating officer of Crown Acquisitions. she was hired...
    Crown Acquisitions, Founder
    767 Fifth Avenue, New York City, NY, (212) 563-6400
    Stanley Chera is a New York real estate developer and founder of Crown...
    Crown Acquisitions, Principal
    767 5th Avenue, New York City, NY, (212) 563-6400
    Isaac Chera is a principal in Crown Acquisitions and one of three sons...
    • Event Financing
    • Address 1466 Broadway
    • Neighborhood Times Square
    • Borough Manhattan
    • Price $ 115,000,000
    • Publication Date 12/13/2019
    • Event Date 12/10/2019
    • Party 1 Invesco Real Estate, Crown Acquisitions
    • Party 2 Fifth Third Bank
    notes
    The lender issued a loan of $115 million for the Times Square property.
    • Event Retail Leasing
    • Address 29-22 Northern Boulevard
    • Neighborhood Long Island City
    • Borough Queens
    • Square feet 18,271
    • Publication Date 08/09/2019
    • Event Date 07/01/2019
    • Party 1 Simon Baron Development
    • Party 1 Brokerage Winick Realty Group
    • Party 1 Broker Steven Baker, Thomas Galo
    • Party 2 Planet Fitness
    • Party 2 Brokerage Crown Acquisitions
    • Party 2 Broker Richard Chera
    notes
    The gym inked a lease for the Long Island City building.
    • Event Retail Leasing
    • Address 29-22 Northern Boulevard
    • Neighborhood Long Island City
    • Borough Queens
    • Square feet 18,271
    • Publication Date 08/09/2019
    • Event Date 07/01/2019
    • Party 1 Simon Baron Development
    • Party 1 Brokerage Winick Realty Group
    • Party 1 Broker Steven Baker, Thomas Galo
    • Party 2 Planet Fitness
    • Party 2 Brokerage Crown Acquisitions
    • Party 2 Broker Richard Chera
    notes
    The gym inked a lease for the Long Island City building.
    • Event Retail Leasing
    • Address 29-22 Northern Boulevard
    • Neighborhood Long Island City
    • Borough Queens
    • Square feet 18,271
    • Publication Date 08/09/2019
    • Event Date 07/01/2019
    • Party 1 Simon Baron Development
    • Party 1 Brokerage Winick Realty Group
    • Party 1 Broker Steven Baker, Thomas Galo
    • Party 2 Planet Fitness
    • Party 2 Brokerage Crown Acquisitions
    • Party 2 Broker Richard Chera
    notes
    The gym inked a lease for the Long Island City building.
    • Event Office Leasing
    • Address 522 Fulton Street
    • Neighborhood Brooklyn Heights
    • Borough Brooklyn
    • Square feet 40,000
    • Price per foot $ 50.00
    notes
    The institute inked a lease for the Brooklyn Heights space at $50 per square foot.
    • Event Financing
    • Address 601 West 181st Street
    • Neighborhood Washington Heights
    • Borough Manhattan
    • Square feet 25,260
    • Price $ 8,100,000
    • Publication Date 06/01/2017
    • Event Date 04/17/2017
    • Party 1 Crown Acquisitions
    • Party 2 East West Bank
    notes
    The borrower secured a mortgage of $8.1 million from East West Bank.
    • Event Financing
    • Address 641 Fifth Avenue
    • Neighborhood Midtown
    • Borough Manhattan
    • Price $ 760,000,000
    notes
    The borrower secured a $760 million refinance for the commercial portion of the Olympic Tower and 3 additional properties.
    • Event Sales
    • Address 601 West 181st Street
    • Neighborhood Washington Heights
    • Borough Manhattan
    • Square feet 25,260
    • Price $ 12,225,000
    • Price per foot $ 483.96
    notes
    The 14 mix-used unit building was sold for $12.5 million.
    • Event Financing
    • Address 661 Eighth Avenue
    • Neighborhood Midtown West
    • Borough Manhattan
    • Square feet 17,667
    • Price $ 60,000,000
    notes
    The retail portion of the property refinanced its debt with $60 million.
    • Event Retail Leasing
    • Address 720 Lexington Avenue
    • Neighborhood Plaza District
    • Borough Manhattan
    • Square feet 7,000
    notes
    The teen lingerie retailer signed a lease.
    • Event Retail Leasing
    • Address 253 Livingston Street
    • Neighborhood Brooklyn Heights
    • Borough Brooklyn
    • Square feet 4,400
    notes
    The US agency signed a lease.
    • Event Financing
    • Address 15-01 86th Street
    • Neighborhood Bensonhurst
    • Borough Queens
    • Price $ 97,000,000
    notes
    The company secured a $97 million loan and includes 6628 18th Avenue, 38-02 Junction Boulevard and 329 Wyckoff Avenue.
    • Event Financing
    • Address 600 Broadway
    • Neighborhood Soho
    • Borough Manhattan
    • Square feet 65,000
    • Price $ 120,000,000
    notes
    A $120 million loan will replace an existing $72.6 million mortgage on the building.
    • Event Sales
    • Address 136-62 Roosevelt Avenue
    • Neighborhood Flushing
    • Borough Queens
    • Square feet 250,000
    • Price $ 108,400,000
    • Price per foot $ 433.60
    notes
    The 99-year ground lease was valued at $108.4 million.
    • Event Sales
    • Address 522|526 Fulton Street
    • Neighborhood Downtown Brooklyn
    • Borough Brooklyn
    • Square feet 142,480
    • Price $ 30,000,000
    • Price per foot $ 210.56
    notes
    The two commercial buildings sold for $30 million.
    • Event Retail Leasing
    • Address 491 Fulton Street
    • Neighborhood Brooklyn Heights
    • Borough Brooklyn
    • Square feet 1,300
    notes
    The perfume retailer signed a lease for the entire building.
    • Event Sales
    • Address 150 West 34th Street
    • Neighborhood Penn Plaza
    • Borough Manhattan
    • Square feet 78,000
    • Price $ 355,000,000
    • Price per foot $ 4,551.28
    • Event Retail leasing
    • Address 490 Fulton Street
    • Neighborhood Seaport
    • Borough Brooklyn
    • Square feet 40,000
    • Publication Date 06/01/2015
    • Event Date 04/22/2015
    • Party 1 Crown Acquisitions
    • Party 2 Forever 21
    • Event Retail leasing
    • Address 458 Fulton Street
    • Neighborhood Seaport
    • Borough Brooklyn
    • Square feet 3,500
    • Event Retail Leasing
    • Address 1515 Broadway
    • Neighborhood Times Square
    • Borough Manhattan
    • Square feet 2,113
    • Event Retail Leasing
    • Address 452 Fulton Street
    • Neighborhood Downtown Brooklyn
    • Borough Brooklyn
    • Square feet 4,500
    notes
    The clothing company signed a 10-year lease to occupy the ground floor.
    • Event Sales
    • Address 170 Broadway
    • Neighborhood Financial District
    • Borough Manhattan
    • Price $ 150,000,000
    • Event Retail Leasing
    • Address 57 Mercer Street
    • Neighborhood SoHo
    • Borough Manhattan
    • Square feet 35,000
    notes
    The tenant signed a 49-year lease.
    • Event Retail Leasing
    • Address 1584 Flatbush Avenue
    • Neighborhood Flatbush
    • Borough Brooklyn
    • Square feet 810
    • Publication Date 10/01/2014
    • Event Date 08/17/2014
    • Party 1 Brokerage Augenbaum Realty
    • Party 1 Broker Josh Augenbaum
    • Party 2 Vitamin Shoppe
    • Party 2 Broker Crown Acquisitions
    notes
    The nutritional products retailer signed a lease.
    • Event Sales
    • Address Brooklyn and Staten Island portfolio
    • Neighborhood Midtown
    • Borough Brooklyn
    • Price $ 15,000,000
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    12/27/2016
    The company signed a lease a little more than a block north at Crown Acquisitions’ Olympic Tower at 645 Fifth Avenue, at the corner of 51st Street...

    07/01/2016
    The design also called for a “vertical retail podium” to rise above the building’s two floors of existing retail. Given how lucrative Fifth Avenue retail can be, it’s not surprising that the owners would want to add more retail space to the property. A recent nearby deal with Coach (see below) was inked at about $4,000 per square foot on the ground level. And Kushner â€' who famously paid a record $1.8 billion for the building in 2006 â€'  sold the retail portion of the building (along with his partners the Carlyle Group and Crown Acquisitions) to Zara and Vornado in two separate deals for a combined $1 billion...

    02/01/2016
    Vornado was also sacked with the third highest assessment jump. Along with its partner Crown Acquisitions, it saw 647 Fifth Avenue jump 56 percent in value to $69 million...

    12/30/2015
    Brooklyn's largest retail leases in 2015 (click to expand) The Brooklyn retail market had a relatively quiet 2015 when it comes to king-sized leases. Compared to 2014 -- Brooklyn's largest retail leases in 2015 (click to expand) The Brooklyn retail market had a relatively quiet 2015 when it comes to king-sized leases. Compared to 2014 --...

    12/01/2015
    Regis Hotel’s retail condominium, owned by Vornado Realty Trust and Crown Acquisitions...

    10/01/2015
    Zara parent Inditex also recently bought a roughly 47,000-square-foot retail condo at 503-511 Broadway for $280 million. That comes off the heels of its blockbuster 2011 deal to buy for a $324 million retail condo at 666 Fifth Avenue from Stanley Chera’s Crown Acquisitions, the Carlyle Group and Kushner Companies...

    12/01/2014
    From left: Stanley Chera, Jeff Sutton and Steven Roth With Upper Fifth Avenue snatching back from Hong Kong’s Causeway Bay the title as the world’s From left: Stanley Chera, Jeff Sutton and Steven Roth With Upper Fifth Avenue snatching back from Hong Kong’s Causeway Bay the title as the world’s...

    01/01/2014
    Crown, the brokerage arm of the Chera family’s Crown Acquisitions, did 12 deals in the borough south of 125th Street, totaling more than 123,000 square feet and ranking ninth on TRD’s list...

    01/01/2014
    The growing value of New York retail can be seen in the Carlyle Group’s high-profile sale in June of 650 Madison Avenue to Crown Acquisitions and Highgate Holdings for $1.3 billion, or a record per-square-foot price of $2,166, according to CBRE...

    01/01/2013
    Darcy Stacom and William Shanahan, vice chairmen at the CBRE Group, handled the largest brokered deal, representing sellers of the 666 Fifth Avenue retail condo â€' Carlyle Group, Kushner Companies and Crown Acquisitions...

    12/01/2012
    Click to enlarge Typically, investment sales deals are ranked by the sale price, but that emphasis hides the figure that real estate players truly care Click to enlarge Typically, investment sales deals are ranked by the sale price, but that emphasis hides the figure that real estate players truly care...

    12/01/2011
    Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not...

    10/01/2010
    The borough registered 1,077 sales as of July. The top transaction â€' the $46 million purchase of a retail building at 496 Fulton Street in Downtown Brooklyn by Crown Acquisitions as part of the revamping of the Fulton Street Mall â€' helped boost Brooklyn’s average building sales price to $997,262, a 13 percent increase over 2009...

    10/01/2010
    Crown Acquisitions has ownership interests in dozens of properties in the U.S...
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