Crown Building (Manhattan)

The Crown Building (formerly known as the Heckscher Building) is a mixed-use property located at 57th Street and Fifth Avenue in Midtown Manhattan, New York City. The property was designed by Warren and Wetmore, architects of the Helmsley Building and Grand Central Terminal. It has historically been one of the most expensive retail and office space locations in the United States. The office portion of the building is currently being converted to the Aman New York Hotel & Residences.

Crown Building
The front of the Crown Building in 2013.
Former namesHeckscher Building
General information
Address730 Fifth Avenue
Town or cityNew York City
CountryUnited States
Coordinates40.762868°N 73.974554°W / 40.762868; -73.974554
Completed1921
Design and construction
Architecture firmWarren and Wetmore

History

The Crown Building was originally known as the Heckscher Building, designed by Warren and Wetmore and completed in 1921.[1] The building stands 26 stories (416 feet) high. The name was changed to the Crown Building in 1983, attributing its crown-like look when illuminated at night.[1]

The building was purchased in 1981 by then Philippine President Ferdinand E. Marcos. Marcos used international companies to purchase the building secretly, also obtaining help from Ralpy and Joseph Bernstein as well as Adnan Khashoggi.[2]

The Crown Building was the focus of various lawsuits after the fall of the Marcos regime.[2] Numerous parties, including the Philippine government, claimed rights to it. Lawsuits claimed that Marcos entered into various agreements for the building or purchased it with money that was not his.[2] The parties involved agreed to sell the building and split the proceeds in excess of the $89 million mortgage.[2]

Bernard Spitzer acquired the building in 1991 for $95 million. His son and former Governor of New York Eliot Spitzer took over the property after his father's death in 2014.[3] The building was scheduled for auction in late 2014, with Jeff Sutton and General Growth Properties stepping in prior to the auction to purchase the building.[4] The cost was $1.75 billion and included both the 400,000 square-foot tower and 35,000 square feet (3,300 m2) of retail space on the ground floor of the building.[4]

In 2015, the building was again acquired, this time by Michael Shvo in partnership with Russian billionaire Vladislav Doronin.[5] General Growth Properties and Wharton properties acquired the retail part of the building. The $1.8 billion purchase was one of the largest in New York City real estate history. It is anticipated that the property will be converted and redeveloped into luxury residences.[5][6]

Milan-based luxury menswear brand Ermenegildo Zegna announced in March 2016 that it would lease 1,500 square feet (140 m2) of ground-floor space and 7,500 square feet (700 m2) on the second floor, at roughly $4,000 per square foot, totaling $150 million over the 10 years of the lease.[7] Zegna planned to open the retail space in February 2019. Chief Executive Ermenegildo “Gildo” Zegna directly negotiated the lease with retail co-owner and deal-maker Jeff Sutton.[8] The new Peter Marino-designed space opened on February 13, 2019.[9]

In 2019, conversion work was begun by Doronin's OKO Group, funded by a $750 million loan.[10] The lower levels will remain retail, while the rest of the building, from the fourth floor up, is being converted to the luxury Aman New York Hotel & Residences, operated by Doronin's Aman Resorts. The hotel portion will contain 83 rooms, three restaurants and a spa. The residential portion will consist of 22 condominiums.[11] It is set to open in Spring 2021.[12]

Current tenants

See also

References
  1. "The Spitzers To Sell The Crown Building For $2 Billion". Jewish Business News. December 7, 2014. Retrieved November 24, 2015.
  2. Hylton, Richard (February 10, 1991). "Philippines Gains Little In Marcos Building Sale". The New York Times. Retrieved November 24, 2015.
  3. Clarke, Katherine (May 15, 2015). "The Son Also Rises". New York Daily News. Retrieved November 23, 2015.
  4. Welss, Lois (December 18, 2014). "GGP & Sutton grab Crown Building for $1.75B+". New York Post. Retrieved November 24, 2015.
  5. "Shvo, Amanresorts buy non-retail piece of Crown Building for $500M". The Real Deal. April 7, 2015. Retrieved November 12, 2015.
  6. Weiss, Lois (April 6, 2015). "Two buyers splitting up top of Crown Building". New York Post. Retrieved November 12, 2015.
  7. "Another High-End Retailer to Call the Crown Building Home". Commercial Observer. March 3, 2016. Retrieved January 3, 2021.
  8. Weiss, Lois (March 2, 2016). "Gildo Zegna gets luxurious flagship store inside Crown Building". New York Post. Retrieved January 3, 2021.
  9. Zargani, Luisa; Zargani, Luisa (February 13, 2019). "Ermenegildo Zegna Flagship Opens in New York". WWD. Retrieved January 3, 2021.
  10. "Crown Building Construction Loan". The Real Deal New York. October 1, 2019. Retrieved January 3, 2021.
  11. "Historic Crown Building's Transformation Into Aman New York Revealed in New Renderings". New York YIMBY. November 15, 2019. Retrieved January 3, 2021.
  12. Net, Hospitality. "83-key Aman New York Opening Spring 2021". Hospitality Net. Retrieved January 3, 2021.
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