Oxford finishes $12.5M rehab of multiple office floors in Olympic Tower in Plaza District

Oxford Properties and the Chera family’s Crown Acquisitions, on July 16, completed a $12.5 million rehab of several floors of the Olympic Tower at 645 Fifth Avenue in the Plaza District.

The plans, pre-filed on August 27, 2018, call for a rehab of floors 12, 14, and 18 of the 677-foot tall, 51-story, building. The plans were permitted on October 24, 2018. The condominium building is commercial through the 21st floor, then residential apartments from floor 22 through floor 51.

The project is described in the filings as: interior renovations of non load bearing partitions and finishes as per plans filed herewith. no change to use, egress, or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $12,463,398.

The 14th and 18th floors are two of the seven floors currently being leased by the National Basketball Association (NBA). In the fall of 2016, the NBA extended their lease for at least another 19 years when they signed to renew a 10-year lease for 153,000-square-feet on floors 14 through 20. Past reports indicated the lease could include additional floors.

Crown Acquisitions and Oxford Properties purchased a 49.9 percent stake in the tower in 2012, for roughly $1 billion, before acquiring the other 50.1 percent in 2015.

Direct link to Acris document.LINK

Direct link to DOB document.LINK