MAY 28, 2015

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Greek investor sells stake in $1.07b NYC portfolio

by Andrea Waitrovich

Joint venture partners Crown Acquisitions and Oxford Properties are acquiring the remaining 50.1 percent stake in a four-property portfolio of assets in New York City known as the Olympic Tower Portfolio 2015. The seller is the Onassis Foundation, based in Athens. An official statement has not been released.

The portfolio, which totals 421,809 square feet in two offices and two retail properties, has a property value of $1.07 billion. Crown Acquisitions and Oxford Properties purchased a 49.9 percent stake in the portfolio in 2012.

The largest asset is the 51-story Olympic Tower, which totals 340,000 square feet, and is valued at $524.6 million. The partnership is acquiring the first through 21st floors; the upper portion consists of condos. The mixed-use building located at 641 Fifth Ave. occupies the entire block between East 51st and 52nd streets. It is 100 percent occupied. The office space in the tower is leased to the National Basketball Association, Rich

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