NEW YORK CITY-A prominent New York retail family is making itsway into Manhattan’s mixed-use realm, acquiring a stake inOlympic Tower, a four-building complex along FifthAvenue. Crown Acquisitions, a nationalowner/developer of high-profile retail assets such as Herald Centerand 666 Fifth Ave., has entered a joint venture partnership withOlympic Tower Associates in the multi-buildingasset, assuming a 49.9% equity interest in the property.

The complex – located at East 51^st Street across fromSt. Patrick’s Cathedral – is comprised of the 51-story OlympicTower at 645 Fifth Ave., the Versace Building at 647 Fifth Ave.,the Cartier Building at 653 Fifth Ave., and 10 East 52nd St. Builtin 1974, Olympic Tower was commissioned by Aristole Onassis and hiscompany, Victory Real Estate Development, and became the first NewYork skyscraper to include a combination of retail ships,commercial office space and owner-occupied apartments in the samebuilding, according to Colliers International, thebrokerage firm who facilitated the joint venture partnershipbetween Crown and Olympic. The company also handles leasing effortsat the property.

Harry Seherr-Thoss, executive managing directorat Colliers, tells GlobeSt.com that Olympic Tower Associates wantedto “broaden their base” and bring in a new investor. “We went outinto the marketplace and interviewed banks and investment banks,REITs, pension funds, private equity and entrepreneurialinvestors,” he says, noting that the total search took nine months.“From each class of investor, Olympic Tower Associates chose one ortwo of the group that they wanted to interview personally.Eventually it turned out that the entrepreneurial investor, theChera family through Crown Acquisitions, really stood out as themost value-added potential partners because of their extremelystrong record in retail. They are familiar with the marketextremely well, and there was a certain symbiotic fit with them andOlympic Tower Associates. They were all on the same page.”