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The Olympic Tower is a 51-story building in Midtown Manhattan, New York City, at 641 Fifth Avenue between East 51st and 52ndstreets. Built in 1976, it was constructed on a site that was occupied by a Best & Company store built in 1947. It contains 225 condominium apartments and more than 250,000 square feet (23,000 m2) of office space and retail space. Situated near St. Patrick's Cathedral, it offers views of the cathedral's buttresses and Fifth Avenue. Upon construction, it became a prime real estate location for the glitterati of that time.

History[]

The tower was constructed by shipping magnate Aristotle Onassis and his company, Victory Development, in a joint venture partnership with Arlen Realty & Development Corporation.

In May 2012, real estate investment firm Crown Acquisitions took a 49.9 percent stake in the commercial portion of the tower for $420 million, valuing the building at around $1 billion. In May 2015, Crown Acquisitions purchased the remaining ownership interests for $652 million. In 2015, Oxford Properties acquired a majority interest. In May 2017, the companies received a $760 million commercial mortgage-backed security interest-only loan from Deutsche Bank, Goldman Sachs, and Morgan Stanley backed by the property. The loan was broken into 11 pari passu senior notes totaling $611 million and 3 junior notes totaling $149 million. The banks also originated a $240 million mezzanine loan which was subsequently sold to TIAA and Mirae Asset Financial Group.

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