![]() ![]() General Growth Properties and Wharton Properties retained the retail portion of the building. Shvo and Doronin announced plans to convert and redevelop their portion of the Crown Building into a luxury hotel and residences. In 2015, Michael Shvo and Russian billionaire Vladislav Doronin purchased the office portion of the building for $500 million. The purchase price included both the 400,000 square-foot office portion of the tower and 35,000 square feet (3,300 m 2) of retail space on the ground floor of the building. ![]() The building was scheduled for auction in late 2014, but Jeff Sutton's Wharton Properties and Sandeep Mathrani’s General Growth Properties stepped in prior to the auction and purchased the building for $1.75 billion, one of the largest deals in New York City real estate history. After Spitzer's death in 2014, his son, former Governor of New York Eliot Spitzer, and the Winter family took over the property. Greene acquired the building for $93.6 million. In 1991, Bernard Spitzer and partners Marvin Winter and Jerome L. ![]() The parties involved agreed to sell the building and split the proceeds in excess of the $89 million mortgage. Lawsuits claimed that Marcos entered into various agreements for the building or purchased it with money that was not his. Numerous parties, including the Philippine government, claimed rights to it. The Crown Building was the focus of various lawsuits after the fall of the Marcos regime. The name was changed to the Crown Building in 1983, after its crown-like look when illuminated at night. Marcos used international companies to purchase the building secretly, also obtaining help from Ralph and Joseph Bernstein as well as Adnan Khashoggi. The structure was purchased in 1981 by then President of the Philippines Ferdinand E. ![]() In 1966, it was sold to Centurion Real Estate Inc. In 1964, it was renamed the Genesco Building, when Genesco, which owned Bonwit Teller across the street, became a major tenant. Noyes and Joseph Durst bought the building. However, Heckscher lost ownership of the building in 1938, after a four-year foreclosure process. When Rockefeller Center opened nearby in 1933, Heckscher blamed the developers for decreased demand at his building, and sued them for improper leasing methods. The Museum of Modern Art opened in a rented six-room suite on the Heckscher Building's twelfth floor on November 8, 1929, just ten days after the Wall Street Crash of 1929. The resolution had been passed after the 1915 construction of the Equitable Building in Lower Manhattan, whose towering, vertical sheer walls blocked sunlight to much of the surrounding neighborhood. It was also one of the first skyscrapers in the city whose stepped, setback design was regulated by the 1916 Zoning Resolution. The building was one of New York's first major multi-use structures, with stores and showrooms on the lower levels and offices on the upper floors. Wetmore was an investing partner with Heckscher in the tower's construction. It was designed by Warren and Wetmore and completed in 1921. The Heckscher Building was constructed by philanthropist August Heckscher, who had built his fortune from zinc and Manhattan real estate. ![]()
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