Crown Acquisitions Drops $1B on Olympic Tower
After two transactions totaling a little over $1B, the Chera family's Crown Acquisitions and partner Oxford Properties Group can now say they own all of Olympic Tower. The partners gained 49.87% of the tower in November 2012 after paying nearly $419M and, according to documents filed with the city, the venture has just purchased the other 50.13% for $651.5M. The building's 400k SF of office space is 100% occupied by the NBA, Richemont's North American HQ and Michael Dell's MSD Capital, the New York Post reports. It also has 105k SF of retail, with tenants like Cartier, Armani/AX, H. Stern, Jimmy Choo and Versace. Olympic Tower was developed by Jackie O's second husband, Ari Onassis. The tower and its two townhomes take up the entire front of the east block of Fifth Avenue between 51st and 52nd streets. The Chera family has previously mentioned plans to redo the original lobby and atrium. [NYPost]
