Crown Acquisitions acquires interest in 453 Broome Street valued at $17M

The Chera family’s Crown Acquisitions through the entity Crown NY Retail Acquisitions LLC acquired an interest from Daniel and Ari Millner’s International Olive Company, Inc. valued by the city at $17.1 million at 453 Broome Street also known as 57 Mercer Street in Soho. The transfer closed on April 3, 2020, and was recorded on April 21, 2020. The transaction consists of an interest in 1 parcel, including the tax class retail building with apartments above (K4). The entire property is 32,604 square feet.

At the same time, Crown amended what was originally a 49-year lease that was signed in 2014, with Crown as tenant and the Millners as landlord. The amended lease extends the base lease from 49 to 55 years and adds an option to extend it for another 50 years, so that it would terminate on September 2119. The new lease also gives Crown a right of first refusal to buy a portion or all of the building. The $17 million transfer may represent the acquisition of a portion of the ownership entity, or may represent the taxes paid on the lease, it was not clear from the filing.

Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $550,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $3,292,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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