Owner and operator of real estate with a strong focus on retail.
Founded by Stanley Chera (1942-2020) and currently run by his sons Richard and Isaac, Crown owns stakes in the Olympic Tower at 641 Fifth Avenue, the Cartier Mansion at 635 Fifth Avenue and 450 Park Avenue, according to its website.
In April 2019, Crown purchased a 45.4 percent stake in Vornado Realty Trust’s $5.6 billion retail portfolio on upper Fifth Avenue and in Times Square. The deal included marquee properties such as 640 Fifth Avenue, 689 Fifth Avenue and 1540 Broadway.
“The properties are … pretty strong,” Isaac Chera told Commercial Observer in 2020. “The tenancy credit is what we invested in and what’s holding true. We bought quality assets.”
Prior to the pandemic, Crown had been working on a wellness concept called Honeycomb that would bring fitness chains, health dining and other wellness-related retailers under one roof (a repurposed big-box store). After the shutdown, Chera moved the concept online. “It’s a digital meeting place for health and wellness,” Isaac Chera said.