US Property News

Olympic Tower changes hands for $1.07 billion

by Nicholas Wallwork on May 27, 2015

Olympic Tower changes hands for $1.07 billion

Olympic Tower changes hands for $1.07 billion

There is no doubt that the worldwide real estate market tends to throw up some mouthwatering figures with the purchase of the Olympic Tower at 641 Fifth Avenue valued at a total of $1.07 billion. The property is now 100% owned by Crown Acquisitions and Oxford Properties Group after acquiring the 50.13% they did not already own. Crown Acquisitions is the investment vehicle for the Chera family with the Onassis Foundation the selling party.

This brings to a close a three-year venture to take full control of the Olympic Tower with the investment partners having paid $418,908,000 for a 49.87% stake back in 2012. It is believed that the outstanding 50.13% was acquired for a total of $651,595,100. So what do the investment partners get for their $1 billion investment? [click to continue…]

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