Real-estate royalty buys Olympic Tower for $1B


The Chera family’s Crown Acquisitions and partner Oxford Properties Group now own the entire office and retail base of Olympic Tower at 641 Fifth Ave., which they purchased in two transactions from entities controlled by the Onassis Foundation for a total just over $1.07 billion.

In November 2012, the partners paid $418,908,000 for 49.87 percent. Documents filed with the city show the venture has now purchased the other 50.13 percent for $651,595,100.

The 400,000 square feet of office space is entirely leased to the National Basketball Association, Richemont’s North American headquarters and Michael Dell’s MSD Capital.

Read more at the New York Post.