The Olympic Tower is a 51-story building in Midtown Manhattan, in New York City on Fifth Avenue. It is between East 51st Street and East 52nd Street. The exact address is 641 Fifth Avenue. Built in 1975, it was constructed on a site that was occupied by a Best & Company Store that was built in 1947. It contains 225 condominium apartments and more than 250,000 square feet (23,000 m2) of office space and retail space. Situated next to St. Patrick's Cathedral, it offers views of the cathedral's buttresses and Fifth Avenue. Upon construction, it became a prime real estate location for the glitterati of that time.
|Location||645 5th Avenue|
New York City, New York
|Roof||620 ft (190 m)|
|Floor area||92,900 m2 (1,000,000 sq ft)|
|Design and construction|
|Architect||Skidmore, Owings & Merrill|
In May 2012, real estate investment firm Crown Acquisitions took a 49.9 percent stake in the commercial portion of the tower for $420 million, valuing the building at around $1 billion. In May 2015, Crown Acquisitions purchased the remaining ownership interests for $652 million. In 2015, Oxford Properties acquired a majority interest. In May 2017, the companies received a $760 million commercial mortgage-backed security interest-only loan from Deutsche Bank, Goldman Sachs, and Morgan Stanley backed by the property. The loan was broken into 11 pari passu senior notes totaling $611 million and 3 junior notes totaling $149 million. The banks also originated a $240 million mezzanine loan which was subsequently sold to TIAA and Mirae Asset Financial Group.
On August 23, 2012, the Penthouse that belonged to Aristoteles Onassis was purchased by Alejandro Betancourt López, a Venezuelan businessman accused of stealing more than $ 1 billion (1USD MM) in dirty contracts with the Venezuelan dictatorship.
Architecture and designEdit
Olympic Tower was designed by the architectural firm of Skidmore, Owings and Merrill, notable for designing the Willis Tower and the John Hancock Center in Chicago, among many other high-rise buildings in the U.S. and elsewhere. Paul Goldberger of the New York Times criticized the building's architecture as "oppressively banal". The planned use of the building was a groundbreaking concept at that time because it was the first mixed use zoned for Fifth Avenue, which had 21 floors of offices, 30 of condominiums and high-end retail on the first floor.
Since 1998, the National Basketball Association has had their headquarters at the property. Currently, the organization occupies 175,000 square feet (16,300 m2) across floors 11 through 20 with a lease extending through 2035. Richemont's North America subsidiary has also been headquartered at the property since 2001, with their current space covering 126,000 square feet (11,700 m2) on floors three through nine with a lease running through 2028. Other office tenants include Michael Dell's investment firm MSD Capital which occupies roughly 44,000 square feet (4,100 m2) on floors 10 and 21. The building's valuable Fifth Avenue retail space is occupied by luxury retailers such as H.Stern, Armani Exchange, Longchamp, Furla and Jimmy Choo Ltd.
The completed building housed some of the most luxurious condos in the world at that time. 80s billionaire Adnan Khashoggi had a swimming pool installed in his after the building was constructed. Other notables who lived there included choreographer, director and dancer Ron Field, who choreographed the Broadway musicals Cabaret and Applause. The NBA offices are located in the tower between the 12th and 20th floors. Alessandra and Allegra Gucci, the daughters of Maurizio Gucci, own a penthouse in the building; in August 2015, they listed it for sale.
- Olympic Tower at Emporis
- "Olympic Tower". SkyscraperPage.
- Olympic Tower at Structurae
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- Candace Taylor, Fashion’s Gucci Sisters List Manhattan Penthouse for $45 Million, The Wall Street Journal, August 6, 2015