Crown Acquisitions Buys Stake in NYC’s Olympic Tower Complex

Crown Acquisitions Inc. took a 49.9 percent stake in the Olympic Tower complex, a group of four adjacent buildings on Manhattan’s Fifth Avenue, including a skyscraper commissioned by the late Aristotle Onassis.

The buildings, across East 51st Street from St. Patrick’s Cathedral, are now owned by a partnership of New York-based Crown and Olympic Tower Associates, according to a statement by Colliers International, the brokerage that arranged the deal. The transaction values the complex at about $1 billion, said a person with knowledge of the terms, who asked not to be identified because the negotiations were private.