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    651 Fifth Avenue

    651 Fifth Avenue
    New York, NY 10022
    Retail, Leasing/Rental, Ground Lease

    The six-story, 41,398-square-foot commercial property at 651 Fifth Avenue in Manhattan is commonly known as the Cartier Building, after the jewelry firm that bought it in 1917, supposedly for a strand of pearls valued then at $1 million. (Pierre Cartier, grandson of the companys founder and the man who executed the 1917 deal, lived for a time on the buildings top floors.)

    The land underneath is owned by Solil Management, the firm that controls the $6 billion-plus real estate empire amassed by the late Sol Goldman.

    Cartier sold it in 1950, and it eventually ended up in the hands of a partnership between Arlen Properties, controlled by the Cohen family, and a family trust controlled by shipping magnate Aristotle Onassis. That family trust sold its stake in the Italian Renaissance-style buildings leasehold to the Chera familys Crown Acquisitions in 2012.

    Cartier is rumored to pay around $20 million annually to rent the building. In early 2014, the jeweler decamped to the General Motors Building at 767 Fifth Avenue while 651 Fifth undergoes two years of renovations to create more space.

    The building was originally constructed in 1905 as a mansion for banker Morton Plant. ¾-TA

    • Address 651 Fifth Avenue
    • neighborhood Plaza District
    • borough Manhattan
    • owner Crown Acquisitions
    • owner entity OT ECONOMIC JOINT VENTURE (DE) LP
    • floors 6
    • Year Built 1947
    • square feet 41,398
    • block and lot 1-01287-0069
    • BIN 1035479
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