Loquis: Crown Building

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Crown Building

  loquis

Published on:  2020-04-28 12:49:00

  Discovery

This is a mixed use property located at 57th Street and Fifth Avenue, one of the most expensive retail and office space locations in the United States. The property is an iconic fixture in Midtown Manhattan designed by Warren and Wetmore, architects of the Helmsley Building and Grand Central Terminal. The Crown Building was originally known as the Heckscher Building, designed by architects Warren and Wetmore and completed in 1921. The building stands 26 stories high. The name was changed to the Crown Building in 1983, attributing its crown-like look when illuminated at night. The building was purchased in 1981 by then Philippine President Ferdinand E. Marcos. Marcos used international companies to purchase the building secretly, also obtaining help from Ralpy and Joseph Bernstein as well as Adnan Khashoggi. The Crown Building was the focus of various lawsuits after the fall of the Marcos regime. Numerous parties, including the Philippine government, claimed rights to it. Lawsuits claimed that Marcos entered into various agreements for the building or purchased it with money that was not his. The parties involved agreed to sell the building and split the proceeds in excess of the $89 million mortgage.

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