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Spitzer Puts Crown Building on Market for $2B

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The Crown Building in New York City is now on the market for $2 billion. (Photo credit: Wikipedia Commons)

The Crown Building, an iconic Manhattan landmark, is now on the market by the Spitzer Family for an estimated $2 billion, according to a report by the New York post. It is being sold together with the Winter family, their co-owners of the building. Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner are marketing the property.

The Crown Building is located at 730 Fifth Avenue on the southwest corner of W. 57th Street, and holds 400.000 square feet of space including 35,000 feet of retail space. Included among the tenants are the literary agency ICM, Bulgari and Mikimoto ply gems and pearls, , private-equity firms KKR and Apollo Global Management.

The architects Warren & Wetmore designed the office tower, which was formerly known as the Heckscher Building after its construction in 1921. In 1983, the 26 story 416 feet tall building received the name Crown, based on its crown with gilded details that stands out at night in the city’s skyline.

A previous owner was the Philippines dictator Ferdinand Marcos.

TheCityReview.com states:

“The small lobby was pleasantly renovated and redesigned in the early 1990’s with a great deal of glitz that has given it a brassy, beveled look that makes the space appear larger than it is.

The notable roof also boasts an elaborate, tall chimney on its southeast corner.

The office entrance is demure, but the three gilded female figures above the entrance, shown below, add grace even if they can’t seem to distract the nearly naked youth holding up the great outdoor clock over the entrance of Tiffany’s across the avenue.

Bulgari, the jeweler, transformed the corner retail space and retail frontage into a highly sculpted, abstract facade in pinkish pastel colors that had nothing to do with the rich ornamentation of this building as evidenced by the ornate spandrel bas-reliefs, one of which is shown at the left. The Bulgari facade was sophisticated, but not subtle, a modernistic intrusion whose boldness was on too small a scale to make a major impact and yet too insensitive to the building’s design quality to be excused. The Bulgari frontage was modified somewhat and “opened up” to be more inviting in the late 1990’s.”

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