NY Retail Family Buys $1B Slice Of Onassis Tower

Law360, New York (May 15, 2012, 1:37 PM EDT) -- One of New York's oldest retail families beat out private equity investors, real estate investment trusts and banks on Monday to snag a 49.9 percent share of a midtown Manhattan residential and commercial tower built by the late Aristotle Onassis, a deal reported at $1 billion.

Crown Acquisitions Inc., the 15-million-square-foot retail portfolio headed by Stanley Chera, will be the first major institutional partner for Olympic Tower Associates LLC, which has controlled the 51-story tower of the same name since it was built in 1975....
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