crefeed.com | Carlyle Group and Crown Acquisitions gain controlling interest in N.Y. property

7/3/2008

Carlyle Group and Crown Acquisitions gain controlling interest in N.Y. property

by
Global private equity firm The Carlyle Group and Stanley Chera's Crown Acquisitions have completed the acquisition of a controlling interest in the retail portion of a New York City property from Kushner Companies for $525 million.

Located in a prestigious retail corridor, the property sits at 666 Fifth Ave. between 52nd and 53rd Streets is one of a few to offer 200 feet of uninterrupted retail frontage on Fifth Ave. It contains 90,000 square feet.

The joint venture was represented by counsel, Simpson Thacher and Bartlett LLP and Fried, Frank, Harris, Shriver & Jacobson LLP.

Address: 666 Fifth Ave., New York, N.Y.

Size: 90,000 square feet

Filed Under: Retail

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