New York’s famed Crown Building “SOLD”
December 21st, 2014
The famed Crown Building located at 730 Fifth Avenue (formerly known as the Heckscher Building) recently hit the real estate market for a reported $2 Billion.
Famous for its golden top, the striking Art Deco tower was once owned by Ferdinand and Imelda Marcos before a military-backed revolt toppled their regime.
Just a few days ago Bloomberg News reported that General Growth Properties Inc. (GGP) agreed to buy the Crown Building in partnership with New York landlord Jeffrey Sutton to build its presence in the world’s most-expensive retail district
Although negotiations are private, the partners agreed to pay about $1.75 billion for the 390,000-square-foot (36,200-square-meter) tower.
With much of the tower’s value in its retail space, the $4,490 price per square foot sets a world record for an entire office building, according to Ben Thypin, director of market analysis at Real Capital Analytics Inc., a New York-based real estate research firm.
The Crown Building, at 730 Fifth Avenue and 57th Street, has one of midtown Manhattan's finest roofs. When seen at night, its illuminated, striking 416-foot high crown with gilded details truly gives it a regal quality, befitting of its name. The French Renaissance octagonal tower section is very striking, with stone/terra cotta, dormers, parapets and a huge chimney stack. An original weathervane in the form of a rooster was removed in 1942 and melted down as part of the war effort. The best unobstructed view is from the north, where this photo was taken.
Illuminated like a star each evening, 730 5th Avenue has a grand feel.
Designed by Warren and Wetmore and built in 1921, it was one of the first buildings to go up after the setback provisions of the 1916 Zoning Resolution. It was originally called the Hecksher Building after its developer August Hecksher, a German immigrant (1867) who made his wealth from mining operations. In 1929, the Museum of Modern Art opened its first gallery here in rented rooms on the 12th floor.
In the 1960s it was known as the Genesco Building and again renamed in 1983 as the Crown Building.
Approximately 35,000 square feet is retail that includes Bulgari, Miimoto, Piaget and Bank of America. The 25 floor, 400,000 square-foot tower’s tenants include talent and literary agency ICM, private-equity giants KKR, Apollo Global Management and men’s designer Ermenegildo Zegna.
Tenants enjoy rare and beautiful Central Park views from the building's many windows. In addition, prestigious neighbors, such as the Trump building and the Chrysler Building, draw visitors to this area. There are numerous terraces and views to Central Park, making it a possible residential or hotel conversion candidate.