A joint venture between Olympic Tower Associates and Crown Acquisitions is assuming a 49.9 percent equity interest in the Olympic Tower complex on New York's Fifth Avenue.
Colliers International facilitated the strategic partnership, which will serve to further enhance the office, retail and residential destination.
The deal is reportedly worth $1 billion according to sources in the market.
The Olympic Tower complex is comprised of four buildings, which includes Olympic Tower at 645 Fifth Avenue, as well as the Versace Building at 647 Fifth Ave., the Cartier Building at 653 Fifth Ave., and 10 East 52nd Street.
Located across the street from St. Patrick’s Cathedral and Rockefeller Center and at the center of Manhattan’s Fifth Avenue shopping corridor, the 51-story Olympic Tower is a mixed-use high-rise including 225 high-end luxury apartments and an additional 500,000 sq. ft. of office and retail space below.
“We are extremely happy that the Olympic Tower has entered into a strategic partnership with Crown Acquisitions,” Anthony S. Papadimitriou, president of the Alexander S. Onassis Foundation, said in a statement. “They are one of the most successful and respected New York City real estate firms, especially along Fifth Avenue, with the unique perspective and experience to broaden the scope and stature of Olympic Tower Associates.”
“Olympic Tower is the trophy of trophies in the world’s most desirable real estate market,” Crown Acquisitions President Stanley Chera said in a statement. “We believe in New York City, the Fifth Avenue corridor and the iconic nature of Olympic Tower. Assets of this quality rarely become available. Partnering with Olympic Tower Associates is an extraordinary opportunity and we look forward to accomplishing great things together.”
Colliers International Tri-State Chairman Robert L. Freedman and Executive Managing Director Harry Seherr-Thoss, who acted for Olympic Tower Associates, noted that the joint venture was far more significant than simply selecting an equity partner for this historic asset. “The key for Olympic Tower Associates was to find a value-add partner who was also culturally attuned to the scope of the endeavor, has the marketing acumen to work with such an iconic asset and who along with Olympic Tower Associates has a shared vision for its long-term growth,” they said.
The complex was built in 1974 and designed by architectural firm Skidmore, Owings and Merrill.