650 Madison Ave., New York City, NY
New York, NY, June 3, 2013 – Noted retail property specialist Crown Acquisitions and Highgate, a fully-integrated real estate investment firm, are under contract with global alternative asset manager The Carlyle Group to acquire the trophy 27-story glass and steel office and retail tower at 650 Madison Avenue for a purchase price of $1.3 billion.
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| Stanley Chera and 650 Madison Ave. |
“650 Madison Avenue is one of the finest properties in all of Manhattan, a trophy in every sense,” said Stanley Chera, founding principal of Crown on behalf of the partnership of Crown and Highgate.
“The unmatched location – outstanding for office and retail use – and the superior quality of the asset solidify its position as a trophy for generations to come. We look forward to continuing the trend established by Carlyle of value creation and excellence in ownership.”
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| Adam Spies |
It was initially built as a ten-story, corporate headquarters for the C.I.T Corporation.
The office tower in its current form was designed by Fox & Fowle and redeveloped by Hiro Real Estate in 1987, adding 17 floors atop the existing structure and boasting panoramic views of Central Park.
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| Douglas Harmon |
Carlyle Realty Partners V, a $3 billion opportunistic U.S. real estate fund, made this investment in 2008.
For a complete copy of the company’s news release, please contact:
.
Eric Gerard
eric@greatink.com
212-813-4717
212-741-2977
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